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Canada Pension Plan Investment Board has committed the equivalent of $678-million to a partnership that will focus on developing modern logistics facilities in six EU countries.

One of CPPIB’s partners is GLP, a Singapore-based global operator of logistics facilities that entered the European market in December 2017, and the other is QuadReal Property Group of Vancouver.

In total, the three partners will contribute one billion euros (C$1.5-billion) including 450-million euros from CPPIB, to launch GLP Continental Europe Development Partners I.

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GLP’s new partnership will have facilities in Germany, France, Italy, Spain, Netherlands and Belgium and have two-billion euros (C$3-billion) in assets under management when fully invested.

The head of CPPIB’s European real estate investments says the new partnership is expected to grow quickly and perform well over the long term, given rising e-commerce sales and consumer demand for ever-shorter delivery times in Europe.

CPPIB had $368.3-billion of assets under management for the Canada Pension Plan as of Sept. 30, making it one of Canada’s largest institutional investors.

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