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Report: Canadian pension fund to invest US$696M in Japanese industrial property

Canada Pension Plan Investment Board committed about US$696 million to Singapore-based logistics provider GLP Pte. Ltd.'s GLP Japan Development Partners III, believed to be the largest Japan-focused industrial real estate fund in history, PERE News reported, citing unnamed sources.

The capital allocation translates to about 32% of the total US$2.2 billion in equity raised for the fund, which is the first commingled fund raise for GLP's Japan-focused development strategy.

GLP Sagamihara, a US$1.2 billion logistics development project in the Greater Tokyo area, will seed the investment vehicle, which is expected to hit US$5.6 billion in assets under management when fully invested, the report noted.

Canada Pension Plan Investment Board did not offer a comment on the matter.