Global logistics real estate firm ESR Cayman Ltd has entered into a strategic partnership with Dutch pension administrator APG and Canada Pension Plan Investment Board (CPP Investments) to set up a $1-billion joint venture that will invest in South Korean logistics real estate.
ESR, APG, and CPP Investments have agreed to initially invest $200 million, $350 million, and $450 million, respectively, in the new development JV that will focus on developing industrial and warehousing logistics portfolio in Seoul and Busan.
