Canada Pension Plan and Australia’s Goodman Group Increase Equity Commitment in Chinese Joint Venture
Australian-based commercial and industrial property company, Goodman Group, announced that Canada Pension Plan Investment Board and Goodman have increased their equity commitment in the 80/20 joint venture, Goodman China Logistics Holding (GCLH). The additional capital increases the combined equity commitment to the GCLH joint venture to a total of US$500 million, of which 80% is represented by CPPIB, who has committed an additional US$500 million. The joint venture was formed by Goodman and CPPIB in August 2009 to own and develop logistics assets in China. In addition, the joint venture signed a US$100 million five-year facility with Credit Agricole Corporate and Investment Bank and ING Bank N.V. Both the increased equity commitment and bank facility will be used by GCLH to pursue new opportunities in China.