Canada Pension Plan Investment Board and GLP of China Form Joint Venture to Develop Facilities in Japan

China-based Global Logistic Properties Limited (GLP) and the Canada Pension Plan Investment Board (CPPIB) announced that they have formed a joint venture, the Japan Development Fund, to develop and hold institutional logistics facilities. Each partner will invest US$250 million of equity over a projected three-year investment horizon. The Japan Development Fund will focus on building multi-tenant and build-to-suit facilities mainly in the greater Tokyo and Osaka areas in Japan. GLP owns, manages and leases out properties in logistics parks in China and Japan. CPPIB is a global investment management organization that invests the assets of the Canada Pension Plan.