APG, CPP, and ESR, to Develop Logistics Portfolio in South Korea

Jun 18, 2020 - ESR today announced the closing of its development joint venture ESR-KS II with APG and Canada Pension Plan Investment Board (“CPP Investments”).

With a total equity allocation of USD 1 billion, ESR-KS II will invest in and develop a best-in-class industrial and logistics portfolio in South Korea. APG, CPP Investments and ESR have agreed to initial investments in the Joint Venture in the amounts of USD350 million, USD450 million and USD200 million, respectively.

The partners have allocation expansion options that could bring the total equity investment capacity to as much as USD 2 billion over time. APG, CPP Investments and ESR will hold 35%, 45% and 20%, respectively, of the Joint Venture.

- APMR News