CPPIB, QuadReal, GLP form $2.2 bln European logistics collaboration

Canada Pension Plan Investment Board (CPPIB), a pension fund company, is inaugurating a collaboration with real estate company QuadReal Property Group and Singaporean logistics facilities developer GLP that will target advancing modern logistics facilities in Germany, France, Italy, Spain, Netherlands, and Belgium.

The collaboration, known as GLP Continental Europe Development Partners I (GLP CDP I), will initially be financed with 1 billion euros ($1.1 billion) in equity from the three backers.

CPPIB, through its wholly-owned unit, CPP Investment Board Europe S.a.r.l., will commit $508 million of equity to GLP CDP I, while GLP and QuadReal will contribute the rest.

The companies said GLP CDP I is forecasted to reach $2.2 billion of assets under management when fully injected and is expected to help capture significant growth opportunities in Europe.