Canada Pension Plan Investment Board, Toronto, committed ¥110 billion ($963 million) to GLP Japan Development Partners IV, a Japan-focused private real estate fund, the C$519.6 billion ($420.1 billion) board announced Tuesday.
"We are pleased to extend our long-standing partnership with GLP and build on the success of the previous Japan development JVs. The positive outlook for Japan's logistics sector underpinned by the rapid growth in e-commerce has laid a solid foundation for the success of the new venture," said Gilles Chow, CPPIB's Hong Kong-based managing director and head of real estate North Asia, in a news release.
Also Tuesday, GLP announced the first close of the real estate fund.
GLP Japan Development Partners IV garnered ¥311 billion, or $2.75 billion, in commitments from institutional investors in North America, Asia and the Middle East, exceeding its prior, 2018-vintage fund's total of ¥250 billion, or $2.3 billion.
