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The Canada Pension Plan Investment Board has doubled down on its Korea Income Joint Venture with asset manager ESR Cayman Limited, as the pair collectively boosted their investment by US$500 million, bringing the total equity allocation to US$1 billion.
According to a news release, the CPPIB contributed the bulk of the new capital to the venture, which was formed in 2018 to focus on logistics assets near major cities in South Korea.
“Korea is already one of the most developed e-commerce markets in Asia and the pandemic has accelerated the growth in the past year, further fuelling the demand for quality logistics facilities,” said Jimmy Phua, the CPPIB’s head of Asia real estate, in a statement.