June 29, 2011
Toronto, ON (June 29, 2011) – The Canada Pension Plan Investment Board (CPPIB) announced today that it has acquired from Goodman Group 50% of the shares in Hong Kong Interlink, an industrial facility currently under development in Tsing Yi, Hong Kong. The gross purchase price of this interest is approximately C$285 million. CPPIB is making an equity commitment of approximately C$205 million and assuming debt of approximately C$80 million to purchase the 50% interest.
Interlink is a 2.4 million square foot, high quality, industrial facility that is situated in a prime industrial location in the heart of Hong Kong’s logistics hub and within close proximity to Hong Kong’s international airport. Interlink is scheduled for completion in January 2012.
Graeme Eadie, CPPIB’s Senior Vice President, Real Estate Investment, said, “This is CPPIB’s first direct real estate investment in Hong Kong and a rare opportunity to acquire a significant interest in a prime industrial asset at the centre of Asia’s largest transportation and logistics hub. Interlink is well positioned to attract leading, global tenants seeking a large-scale, modern facility in the Hong Kong area, where the supply of industrial space is severely constrained and rental demand is consistently strong.”
Mr. Eadie added, “Our investment in Interlink is aligned with our global real estate investment strategy of acquiring assets that can be expected to deliver stable returns over the long-term and working closely with strong, reputable partners who have deep local knowledge and experience.”
The Goodman Hong Kong Logistics Fund will own the other 50% of the Interlink project. CPPIB has a long-standing relationship with Goodman Group, one of the world’s largest listed fund managers specializing in industrial and business properties.
About Canada Pension Plan Investment Board
The Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPPIB invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2011, the CPP Fund totaled $148.2 billion. For more information about CPPIB, please visit www.cppib.ca.
For further information contact:
Linda Sims
Director, Media Relations
(416) 868-8695
lsims@cppib.ca
June 29, 2011
Toronto, ON (June 29, 2011) – The Canada Pension Plan Investment Board (CPPIB) announced today that it has acquired from Goodman Group 50% of the shares in Hong Kong Interlink, an industrial facility currently under development in Tsing Yi, Hong Kong. The gross purchase price of this interest is approximately C$285 million. CPPIB is making an equity commitment of approximately C$205 million and assuming debt of approximately C$80 million to purchase the 50% interest.
Interlink is a 2.4 million square foot, high quality, industrial facility that is situated in a prime industrial location in the heart of Hong Kong’s logistics hub and within close proximity to Hong Kong’s international airport. Interlink is scheduled for completion in January 2012.
Graeme Eadie, CPPIB’s Senior Vice President, Real Estate Investment, said, “This is CPPIB’s first direct real estate investment in Hong Kong and a rare opportunity to acquire a significant interest in a prime industrial asset at the centre of Asia’s largest transportation and logistics hub. Interlink is well positioned to attract leading, global tenants seeking a large-scale, modern facility in the Hong Kong area, where the supply of industrial space is severely constrained and rental demand is consistently strong.”
Mr. Eadie added, “Our investment in Interlink is aligned with our global real estate investment strategy of acquiring assets that can be expected to deliver stable returns over the long-term and working closely with strong, reputable partners who have deep local knowledge and experience.”
The Goodman Hong Kong Logistics Fund will own the other 50% of the Interlink project. CPPIB has a long-standing relationship with Goodman Group, one of the world’s largest listed fund managers specializing in industrial and business properties.
About Canada Pension Plan Investment Board
The Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPPIB invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2011, the CPP Fund totaled $148.2 billion. For more information about CPPIB, please visit www.cppib.ca.
For further information contact:
Linda Sims
Director, Media Relations
(416) 868-8695
lsims@cppib.ca
