Canada Pension Plan Investment Board, Toronto, announced on Thursday it entered into two joint ventures, one acquiring a Colorado oil and gas field and one investing in logistics and industrial development in the U.K.
The board, which manages the C$268.6 billion ($204.2 billion) Canada Pension Plan, Ottawa, will take a 95% stake in the Denver Julesburg Basin field, according to a news release. CPPIB and joint venture partner Broe Group, a commercial property manager, acquired the assets from Encana Oil & Gas (USA) for a total US$900 million. Broe will hold the remaining 5%.
The 51,000-acre field in northeast Colorado had an average daily yield of 52 million cubic feet of natural gas and 14,800 barrels of crude oil and natural gas liquids in the first half of 2015, the release said.
In the U.K. investment partnership, the board will join with APG Asset Management, which manages the assets of the €344 billion ($385.6 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands, and real estate investment manager Goodman Group.
Each will invest an initial £200 million ($303.4 million) in the joint venture, with an overall capacity of £1 billion, said a separate news release.
The venture will initially invest in two warehouses, in London and Birmingham, with a combined 590,000 square feet of space.