Canada Pension Plan Investment Board, Toronto, announced Tuesday it was opening a new office in Mumbai.
The new office is the result of an agreement announced April 16 between Indian Prime Minister Narendra Modi and the Canadian government to open investment offices for the board and Caisse de Depot et Placement du Quebec, Montreal.
The new office will help the board expand its investments in India. The board has invested $2 billion in the subcontinent since 2010, said Dan Madge, board spokesman.
Information wasn’t available on who will run the new office.
The India office will be the sixth international office for the board, which manages the assets of the C$268.8 billion ($208 billion) Canada Pension Plan, Ottawa. The board has offices in New York, London, Luxembourg, Hong Kong and Sao Paulo.
Caisse, which manages C$226 billion in Quebec pension and other assets, will open its office sometime in 2016. It has existing offices in New York, Washington, Mexico City, Paris, Singapore and Beijing.
Also on Tuesday, the CPPIB said it had acquired a 10.6% stake in a U.S. logistics portfolio for $350 million through a joint venture with Global Logistic Properties and three other global institutional investors. The stake was acquired from GLP and the other institutional investors. Mr. Madge said the board would not disclose the name of the other investors.
The portfolio comprises 722 properties including warehouses, business parks and light industrial assets.