Goodman expands China deal

Goodman Group, CPPIB inject further funds into partnership.

The Goodman Group and the Canadian Pension Plan Investment Board (CPPIB) have agreed to expand their China Partnership by a further $US500 million ($A545 million), according to The Australian.

CPPIB will cover 80 per cent of the additional funds, which will bring the total commitment by the two sides to $1.5 billion since forming a partnership in 2009 to invest in logistics sheds across China (see Cliona O'Dowd's Collected Wisdom).

“The increased equity allocation of $US500 million will help to fund the continued growth of our China platform through a number of identified development projects for high quality logistics space in the major Chinese markets,” Goodman chief executive Greg Goodman said, according to The Australian.