The C$272.9 billion ($198.3 billion) Canada Pension Plan Investment Board and Sydney-based Goodman Group said they injected an additional $1 billion and $250 million, respectively, into a joint venture the two set up in 2009 to invest in logistics facilities in mainland China.
The $1.25 billion infusion marked the fifth time the two had added equity to Goodman China Logistics Holding, bringing the joint venture's combined equity allocation to $3.25 billion.
A news release by the two companies said demand for core logistics facilities in the greater Shanghai and Beijing regions, as well as markets in western China, continue to be driven by rising e-commerce and domestic consumption outlays.
The announcement said the partnership will acquire nine projects, including land, from Goodman Group, “with an end build out value in excess of $650 million.”
