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CPPIB to invest in logistics ventures in Singapore and Indonesia

LBR Staff Writer Published 14 March 2017

Canada Pension Plan Investment Board (CPPIB) has partnered with Ivanhoé Cambridge and LOGOS to develop and acquire logistics properties in Singapore and Indonesia.

In Singapore, CPPIB will initially commit S$200m ($141m) for an approximate 48% stake in the in the Logos Singapore Logistics Venture (LSLV).

The LSLV will be seeded by two fully-leased existing multi-storey logistics warehouse facilities and one development opportunity.

All the seed assets are situated in crucial industrial submarkets of Singapore.

In addition, CPPIB will invest $70m (S$100m) as equity for about 48% stake in Logos Indonesia Logistics Venture (LILV), which will develop facilities in Greater Jakarta of Indonesia.

CPPIB and Ivanhoé Cambridge will be equal shareholders in both joint ventures, while Logos will serve as operating partner with holding the remaining stake in the ventures.

CPPIB Asia real estate investments managing director Jimmy Phua said: “The logistics sector in Southeast Asia continues to grow as a result of the burgeoning middle class and the rise of e-commerce, and presents an excellent opportunity for a long-term investor like CPPIB.”

Logos South East Asia managing director Stephen Hawkins said: “Both Ivanhoé Cambridge and CPPIB are recognised as leading real estate investors around the world, and we are excited to expand our relationship with Ivanhoé Cambridge as well as attracting CPPIB into both our Singapore and Indonesia ventures.”

Image: The CPPIB and Ivanhoé Cambridge to invest around $212m in Logos Singapore Logistics Venture and Logos Indonesia Logistics Venture. Photo: courtesy of CPP INVESTMENT BOARD.