Goodman and CPPIB Expand Their Relationship With a Targeted US$890 Million North American Logistics and Industrial Partnership

Goodman and CPPIB Expand Their Relationship With a Targeted US$890 Million North American Logistics and Industrial Partnership PR Newswire LONDON, August 16, 2012 LONDON, August 16, 2012 /PRNewswire/ -- Goodman Group (Goodman or Group) and the Canada Pension Plan Investment Board (CPPIB) are pleased to announce the launch of a new logistics and industrial partnership called the Goodman North America Partnership (GNAP). Goodman and CPPIB have targeted an equity amount of US$890 million on a 55/45 basis, representing US$490 million and US$400 million respectively. GNAP's investment strategy is to target investment in logistics and industrial property in key North American markets. The focus will initially be on development led opportunities, with value- add and stabilised asset acquisitions to be considered over time in line with market conditions. Greg Goodman, CEO of Goodman, said, "GNAP further builds on our relationship with CPPIB and reinforces our strategy of matching third party capital with our development pipeline, enabling us to enter North America in a measured way. We will continue to work closely with our global customers to deliver high quality logistics and industrial space, consistent with our prudent development approach." This transaction represents CPPIB's first direct investment in U.S. industrial real estate, a sector which is expected to benefit from a lack of new supply in recent years and continued growth in global trade.