By Muskan Arora
The $1.74tr Norges Bank Investment Management has announced
the acquisition of a stake in a logistics portfolio consisting of 48 buildings across US, on Friday.
The 45% stake was purchased from the $468.3bn Canada Pension
Plan Investment Board, which is valued at $1.07bn.
The other stakeholder in the venture is the Goodman North
American Partnership, which has taken over 55% and will continue to manage the
joint venture’s assets.
The portfolio includes 1.3bn square meters of leasable area across South California, New Jersey and Pennsylvania, as stated in the recent press release.
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Further, CPP announced that the fund had agreed to sell a 49% interest in four Chinese real estate projects – joint ventures with Longfor Group Holdings Ltd. The proceeds to CPP Investments are valued at $163m.
The joint ventures included retail malls, connected office
and residential properties in Shanghai, Suzhou, Chengdu and Chongqing, as per
CPP.
CPP and Longfor Group have multiple joint ventures and have
been in partnership since 2014.
While most allocators in the space are divesting from China,
in 2023, CPP Investments did pause investing in China as per reports by
multiple media outlets. In March 2024, the fund had also reduced 10% of its
staff in its Hong Kong office, as citied by Bloomberg News.
