Graeme Torre, Head of Real Estate, APG Asset Management Asia commented: “Following the success of our first joint venture with ESR and CPP Investments in Korean logistics, we are delighted to be able to repeat the partnership. It is a successor vehicle to a US$1 billion joint venture – which was later upsized to US$1.15 billion – between the three parties that has led to the development of 17 projects totalling 2.2 million sqm of GFA in South Korea. The Joint Venture marks APG’s fourth development collaboration with ESR, and CPP Investments’ third joint venture with ESR. APG, CPP Investments and ESR will hold 35%, 45% and 20%, respectively, of the total issued shares of the Joint Venture. The partners have allocation expansion options that could bring the total equity investment capacity to as much as US$2 billion over time. APG, CPP Investments and ESR have agreed to initial investments in the Joint Venture in the amounts of US$350 million, US$450 million and US$200 million, respectively. SEOUL/HONG KONG, 23 April 2020 – APG, Canada Pension Plan Investment Board (“CPP Investments”) and ESR Cayman Limited (“ESR” SEHK Stock Code: 1821) announced today they have entered into a strategic agreement to establish a new development joint venture, ESR-KS II (“ESR-KS II” or the “Joint Venture”), with a total equity allocation of US$1 billion, representing an investment capacity to deliver as much as US$2 billion of new development projects.ĮSR-KS II is a new development joint venture which will invest in and develop a best-in-class industrial and warehouse logistics portfolio in the Seoul and Busan metropolitan areas, the two markets with the largest populations and highest consumer spending in South Korea. Successor development vehicle to maiden capital vehicle among APG, CPP Investments and ESR.Represents one of the largest global logistics real estate capital raisings to date this year."Dutch giant APG appoints Bart Le Blanc to supervisory board". ^ "Parliamentarians can keep the (other) day job".^ "Swiss Life, APG & NPS to Acquire 81% Stake in Portugal's Road Operator Brisa for USD 2.6bn P/S 4x"."Canada Pension Plan sells 39% stake in Interparking". "Dutch pension provider APG acquires further 20.9% stake in Alpha Trains". "Capco sells Earls Court estate for £425m". "Australia's ConnectEast agrees to $2.3 billion bid from CP2". "Westfield mall heralds profit and social change". ^ "APG Said to Set Up Offices in Shanghai, Beijing China Mingtiandi"."UPDATE 1-Dutch ABP fund unit APG to merge with Cordares".
In 2019, Capco plc sold their interest in Earls Court to APG and Delancey for £425 million.In 2011, ConnectEast was sold to Horizon Roads (a consortium of 8 investors including APG) for $2.2 billion.In 2010, APG and CPPIB each purchased a 25% shareholding in Westfield Stratford City for £871.5m each.APG Diensten (in-house service provider)ĪPG has offices in Amsterdam, Heerlen, Brussels, New York, and Hong Kong as well as satellite sites in Beijing and Shanghai.APG Rechtenbeheer (management advice, pension administration and pension communication).Overview ĪPG manages investments for various pension funds in the Netherlands. In the same year, it merged with Cordares, which carried out pension administration for bpfBOUW (The Foundation for the Construction Industry Pension Fund). APG was established on 1 March 2008 as an independent administration organization of Stichting Pensioenfonds ABP.
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