CPPIB, GLP set up $2.6b open-ended Japan logistics fund

A warehouse in Tokyo, Japan. Photo by Alessandro Stigliani on Unsplash.

The Canada Pension Plan Investment Board (CPPIB) has joined hands with global logistics platform GLP to launch GLP Japan Income Fund (GLP JIF), the largest private open-ended logistics fund in Japan, according to an announcement.

GLP JIF already has 280 billion yen ($2.6 billion) in assets under management at inception, comprising of assets that include six LEED Gold and Platinum certified projects.

GLP JIF is managed by GLP, while CPPIB re-commits 25 billion yen into this new fund from its exit proceeds of the GLP Japan Development Fund (GLP JDV I), an earlier 50:50 joint venture between CPPIB and GLP formed in 2011 that focused on building modern, large-scale logistics facilities in Japan.

This joint venture was subsequently expanded multiple times, including the launch of a second Japan development venture in 2016, CPPIB said in the announcement. The exit of GLP JDV I delivered 48 billion yen of net proceeds to the Canadian pension fund by the end of August 2020.

“The strong fundamentals in the Japanese logistics market continue to make this a compelling investment opportunity for long-term investors. We are pleased to continue our strategic relationship with GLP, one of our key global real estate partners, while recycling capital for other compelling investment opportunities,” Jimmy Phua, managing director and head of Asia real estate investments at CPPIB said in the Friday statement.

The Canadian pension had total assets worth C$434.4 billion ($331 billion) as of June 30, 2020.

The pension board has been investing in the real estate sector of Asia, through capital commitments in funds such as PAG’s Secured Capital Real Estate Partners VI, or partnering with Dutch pension administrator APG and Hong Kong-listed ESR Cayman for two investment JVs in South Korea worth several billion US dollars of capital. In addition, CPPIB’s individual realty assets span across North Asia, Hong Kong, Australia and India.

Meanwhile, GLP is Asia’s largest warehouse operator with $89 billion in assets under management across China, India, Japan, Brazil, Europe and the US.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.