CPPIB enters US industrial real estate sector with US890million joint venture

TORONTO — The CPP Investment Board is taking part in a US$890-million partnership to develop industrial real estate in the United States.It’s the fund’s first direct investment in the sector, that it expects to benefit from a recent lack of new supply and growth in global trade.Global property developer and manager Goodman Group will invest US$490-million a 55% stake in the joint venture, called the Goodman North America Partnership.CPPIB is investing US$400-million for a 45% interest.CPPIB and Goodman have already invested together in Australia, Hong Kong and China.CPPIB managed about $161.6-billion in funds at the end of March.