The Canada Pension Plan's investment arm is taking part in a $890-million (U.S.) partnership to develop industrial real estate in the United States.
It’s the fund’s first direct investment in the sector, that it expects to benefit from a recent lack of new supply and growth in global trade.
Global property developer and manager Goodman Group will invest $490-million for a 55 per cent stake in the joint venture, called the Goodman North America Partnership.
CPP Investment Board is investing $400-million for a 45 per cent interest.
CPPIB and Goodman have already invested together in Australia, Hong Kong and China.
CPPIB managed about $161.6-billion (Canadian) in funds at the end of March.