Goodman and CPP Investments increase equity commitment
Goodman Group and Canada Pension Plan Investment Board (CPP Investments) have committed an additional USD 2.5 billion of equity to the Goodman North American Partnership (GNAP), increasing their total equity commitment to USD 5.5 billion.
Consistent with the partnership’s 55/45 equity structure, Goodman will allocate USD 1.4 billion and CPP Investments USD 1.1 billion. GNAP was established in 2012 to invest in high-quality logistics and industrial property in key North American markets. With an initial commitment of USD 890 million, the partnership’s assets have grown to approximately USD 3 billion.
Anthony Rozic, CEO, Goodman North America, said: “The partnership continues to build scale in select American logistics markets, including Los Angeles, Southern California’s Inland Empire and the New Jersey industrial markets, totalling over 1.49 million sqm of assets under management. Our portfolio is concentrated in key urban locations close to large consumer populations and allows our customers to meet growing consumer demands for faster last-mile delivery." (mw)