GLP, Canada Pension Plan in JV to develop Japan projects

Singapore

GLOBAL Logistic Properties (GLP) and Canada Pension Plan Investment Board (CPPIB) have set up an equally held joint venture to develop logistics facilities in Japan.

GLP, a developer of cutting-edge warehouses, said on Wednesday that the new GLP Japan Development Venture II will have total equity commitments of 100 billion yen (S$1.23 billion) to start, but the size of the 50-50 venture is expected to reach US$2 billion over three years, GLP said.