APG, CPP Investments and ESR completed the formation of a $1bn joint venture.

APG, a provider of pension fund management and consultancy services, CPP Investments, a global investment management firm, and ESR, a logistics real estate platform, completed the formation of a $1bn joint venture, ESR-KS II. ESR-KS II will invest in and develop a best-in-class industrial and warehouse logistics portfolio in the Seoul and Busan metropolitan areas. APG, CPP Investments and ESR will hold 35%, 45% and 20%, respectively. "The ESR-KS II close reflects the excellent relationship we have with our capital partners and is a testament to the strong track record we have achieved in previous collaborations. We are confident that the state-of-the-art developments of ESR-KS II – managed by ESR’s local team, one of the most experienced in the country and with an unparalleled track record for over two decades – will set another flagship vehicle for the Group that provides our investors with solid returns," Jeffrey Shen and Stuart Gibson, ESR Co-Founders and Co-CEOs. On June 18, 2020, ESR announced the closing of its development joint venture.