Ivanhoe Cambridge, the C$64 billion ($50.4 billion) real estate arm of Caisse de Depot et Placement du Quebec, Montreal, and Hong Kong-based alternatives and public markets investment manager PAG have launched a joint venture to invest in logistics facilities serving Japan's biggest urban centers.
Ivanhoe Cambridge and PAG's Japan Logistics Venture will have the capacity to make investments of up to $400 million, including leverage, in high quality logistics facilities serving greater Tokyo and greater Osaka, with potential for tactical investments in greater Nagoya as well, according to an Ivanhoe Cambridge spokeswoman.
Both the Ivanhoe Cambridge spokeswoman and a PAG spokesman declined to give details on their respective stakes in the joint venture.
The spokeswoman said the joint venture will be making Ivanhoe Cambridge's first direct logistics investments in Japan.
Ivanhoe Cambridge already has logistics investments in Singapore, Australia, China, India and Indonesia, George Agethen, senior vice president Asia-Pacific, said in a news release.
The joint venture will "assemble and operate a diversified portfolio of logistics properties through the acquisition of both income producing and development assets," the news release said.
PAG manages $40 billion for more than 150 institutional investors globally.