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CPPIB, Caisse real estate arm to back LOGOS logistic investments in Singapore, Indonesia

Canada Pension Plan Investment Board and Ivanhoe Cambridge, the real estate subsidiary of Caisse de Depot et Placement du Quebec, will invest a combined total of just less than $500 million in logistics facilities in Singapore and Indonesia, to be developed and managed by Sydney-based LOGOS Property, CPPIB announced Monday.

The Toronto-based pension fund, with C$298.1 billion ($221.3 billion) in assets as of Dec. 31, said in a news release it will commit S$200 million ($142 million) for a 48% stake in LOGOS Singapore Logistics Venture, and $100 million for a 48% stake in LOGOS Indonesia Logistics Venture.

Ivanhoe Cambridge will take similar stakes in both ventures, with LOGOS holding the remaining 4% in each, said Stephen Hawkins, Singapore-based managing director of LOGOS Southeast Asia, in a telephone interview.

This will be the first time LOGOS partners with CPPIB.

Ivanhoe Cambridge has partnered with LOGOS before, and bought a strategic stake in the real estate logistics firm this past August.

Mr. Hawkins said details regarding Ivanhoe Cambridge's investment in LOGOS have not been announced.

He said the logistics investments in Singapore and Indonesia should provide the two Canadian investors with attractive income yield over the medium-to-long term.