today announces that it represented the Canada Pension Plan Investment Board ("CPPIB") on the joint establishment of a US$500 million Korean logistics development platform, with APG Asset Management, Korean developer, owner and operator e-Shang, and its subsidiary, Kendall Square Logistics Properties (KSLP). The deal includes an option to increase the size of the total equity commitment in the joint venture to US$ 1 billion over time.
The joint venture will develop and own a portfolio of institutional-grade, modern logistics assets across South Korea. This is the first time that CPPIB and JV partner APG Asset Management have invested into the logistics sector in South Korea.
Susheela Rivers, Head of Real Estate Asia-Pacific said: "This deal gives CPPIB access to the burgeoning logistics sector in South Korea, further strengthening their relationship with APG Asset Management, whilst also being an attractive use of capital for CPPIB investors."
Susheela Rivers, Head of Real Estate Asia-Pacific, led the team supported by Janice Yau, Senior Associate, Real Estate.
Allen & Overy acted for e-Shang and Baker & McKenzie acted for APG Asset Management.