TOKYO (Reuters) - Singapore's Global Logistic Properties (GLPL.SI) and Canada Pension Plan Investment Board (CPPIB) have set up a 100 billion yen ($880 million) fund to develop modern warehouses in Japan, their second joint venture in the country.
Growth in e-commerce has helped make warehouses around the world hot property assets. Helped by debt financing, the fund's assets are expected to reach $2 billion over three years, GLP and CPPIB said.
CPPIB, one of the world's leading retirement funds, has been active in logistics investments in Asia.
In December, it pledged $1 billion in additional funds for a partnership with Goodman Group Pty Ltd (GMG.AX) that invests in Chinese warehouses and logistics facilities. In November, it and other partners unveiled an investment of up to $1 billion in a separate venture in South Korea.
GLP and CPPIB set up their first joint fund for Japan in 2011 to invest in logistic facilities. GLP has $8.2 billion worth of assets under management in Japan.
Reporting by Junko Fujita in Tokyo and Elzio Barreto in Hong Kong; Editing by Edwina Gibbs