Canada pension funds to invest in Singapore, Indonesia warehouses
Canada Pension Plan Investment Board (CPPIB), the top pension fund of the country, said in a statement it will initially commit S$200 million ($142 million) for an about 48 percent stake in LOGOS Singapore Logistics Venture.
It will also commit $100 million for a stake of about 48 percent in LOGOS Indonesia Logistics Venture.
CPPIB and Ivanhoé Cambridge, which is the real estate arm of Canada's second-largest pension fund manager Caisse de depot et placement du Quebec, will be equal partners in both joint ventures, the statement said.
LOGOS, which operates in Australia, China, Indonesia and Singapore, will hold the remaining stake in the ventures.
CPPIB said the deals would pave the way for its first direct real estate investments in Singapore and Indonesia.
Private equity firms and institutional investors are pouring billions of dollars into warehousing and logistics investments in Asia in recent years betting on a boom in demand from e-commerce in the region. ■