{"id":1004260190,"date":"2018-08-27T02:38:37","date_gmt":"2018-08-27T10:38:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004260190"},"modified":"2022-12-08T14:21:34","modified_gmt":"2022-12-08T22:21:34","slug":"cppib-goodman-boost-china-commitment-to-5b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/","title":{"rendered":"CPPIB, Goodman Boost China Commitment to $5B"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Greg<\/a>

Greg Goodman, CEO of Goodman Group<\/p><\/div>\n

Goodman Group and Canada Pension Plan Investment Board have committed an additional $1.75 billion of equity to the Goodman China Logistics Partnership, bringing their total equity commitment to $5 billion.<\/p>\n

The additional equity will be invested on an 80:20 basis, with CPPIB allocating $1.4 billion and Goodman $350 million, consistent with the partnership\u2019s equity structure.<\/p>\n

GCLP was established in 2009 to invest in high-quality logistics properties in prime locations across mainland China. Following a development-led strategy centered on major Chinese gateway cities, the partnership\u2019s portfolio has grown to comprise 33 logistics properties totaling 2.5 million square meters (26.9 million square feet) of modern logistics space, with current overall occupancy levels of 99 percent.<\/p>\n

\u201cWith its growing middle class, significant e-commerce activity and rapid advancements in technology, China is a core growth area for our business<\/em>,\u201d Greg Goodman, CEO of Goodman Group, said in a prepared statement.<\/p>\n

\"Jimmy<\/a>

Jimmy Phua, managing director & head of Real Estate Investments Asia for CPPIB<\/p><\/div>\n

\u201cThe fundamentals of the Chinese logistics sector remain compelling, driven by domestic consumption growth in China, including e-commerce which underpins the strong demand for prime logistics facilities<\/em>,\u201d added Jimmy Phua, managing director & head of Real Estate Investments Asia for CPPIB.<\/p>\n

Kristoffer Harvey, CEO of Goodman Greater China, noted that this additional funding will help GCLP both capitalize on acquisition opportunities now in due diligence, as well as develop the partnership\u2019s land bank, over the medium term growing the portfolio to more than 5 million square meters (53.8 million square feet).<\/p>\n

China grows, CPPIB buys<\/h2>\n

Though China\u2019s growth over the past few decades \u201chas been largely based on being the workshop of the world, relying on low-cost labor and often heavy manufacturing<\/em>,\u201d its \u201cMade in China 2025\u201d industrial strategy launched in 2015 heralded a policy of accelerating the nation\u2019s move up the value chain, according to a June report from Knight Frank.<\/p>\n

\u201cIn terms of the impact on the built environment<\/em>,\u201d per Knight Frank, \u201cthere will be more investment in high-tech business parks, a continued drive to upgrade existing industrial sites and more investment in modern logistics facilities, while some of the older brownfield manufacturing areas, especially in country\u2019s rust belt, could begin to be targeted in a nascent regeneration strategy<\/em>.\u201d<\/p>\n

As befits its stature, CPPIB has been active lately with some sizable deals.<\/p>\n

In late July, it acquired the 1.2-million-square-foot Santa Monica Business Park in Southern California, in a joint venture with Boston Properties. The 21-building, 47-acre property was purchased for a net $616 million<\/a> and is 94 percent occupied.<\/p>\n

And in February, CPPIB and partner Oxford Properties Group bought a portion of the historic St. John\u2019s Terminal site along the Hudson River in Midtown Manhattan. For $700 million<\/a>, the purchasers got a 3.25-acre site with 600 feet of Hudson River frontage, just south of the 1.8-million-square-foot Hudson Yards project that Oxford is developing with Related Cos.<\/p>\n

Images courtesy of Goodman Group and Canada Pension Plan Investment Board<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The $1.75 billion capital infusion will expand the partners\u2019 logistics footprint in the country, with CPPIB allocating $1.4 billion and Goodman $350 million. <\/p>\n","protected":false},"author":882,"featured_media":1004260211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,16,21783,21742],"tags":[32843,33308,32914,33945,41750,34407],"class_list":["post-1004260190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-international","category-investment","category-latest","tag-boston-properties-inc","tag-canada-pension-plan-investment-board","tag-e-commerce","tag-goodman-group","tag-jimmy-phua","tag-knight-frank"],"acf":[],"yoast_head":"\nCPPIB, Goodman Boost China Commitment to $5B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CPPIB, Goodman Boost China Commitment to $5B\" \/>\n<meta property=\"og:description\" content=\"The $1.75 billion capital infusion will expand the partners\u2019 logistics footprint in the country, with CPPIB allocating $1.4 billion and Goodman $350 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-27T10:38:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:21:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/\",\"name\":\"CPPIB, Goodman Boost China Commitment to $5B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg\",\"datePublished\":\"2018-08-27T10:38:37+00:00\",\"dateModified\":\"2022-12-08T22:21:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg\",\"width\":800,\"height\":620,\"caption\":\"Greg Goodman, CEO of Goodman Group\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CPPIB, Goodman Boost China Commitment to $5B\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CPPIB, Goodman Boost China Commitment to $5B - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/","og_locale":"en_US","og_type":"article","og_title":"CPPIB, Goodman Boost China Commitment to $5B","og_description":"The $1.75 billion capital infusion will expand the partners\u2019 logistics footprint in the country, with CPPIB allocating $1.4 billion and Goodman $350 million.","og_url":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-08-27T10:38:37+00:00","article_modified_time":"2022-12-08T22:21:34+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/","url":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/","name":"CPPIB, Goodman Boost China Commitment to $5B - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg","datePublished":"2018-08-27T10:38:37+00:00","dateModified":"2022-12-08T22:21:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg","width":800,"height":620,"caption":"Greg Goodman, CEO of Goodman Group"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/cppib-goodman-boost-china-commitment-to-5b\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"CPPIB, Goodman Boost China Commitment to $5B"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Greg-Goodman.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004260190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004260190"}],"version-history":[{"count":6,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004260190\/revisions"}],"predecessor-version":[{"id":1004260394,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004260190\/revisions\/1004260394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004260211"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004260190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004260190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004260190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}