Key Takeaways
- • La Caisse de dépôt et placement du Québec is forming a joint venture with Prologis Inc. to pursue European logistics assets, with the platform launching with nearly $1.6 billion in seed assets, including income-generating properties and development sites.
- • The Caisse will hold 70% of the venture and Prologis 30%. Prologis will act as operating partner, providing asset management and development expertise.
- • The venture is reported at €1 billion (US$1.2 billion) and is targeting up to $2 billion in gross asset value.
- • Separately, the Caisse is supporting a A$1 billion wholesale offering of subordinated hybrid securities from data centre-as-a-service provider NEXTDC Ltd. with its own A$1 billion binding commitment.
Summary
La Caisse de dépôt et placement du Québec is establishing a new joint venture with Prologis Inc. to expand its presence in European logistics. The venture will begin with nearly $1.6 billion in seed assets, a mix of income-generating properties and development sites. The Caisse will hold a 70% ownership interest and Prologis 30%. Prologis will serve as operating partner, supplying specialized asset management and development expertise.
Rana Ghorayeb, executive vice-president and head of real estate at the Caisse, said in a press release that the partnership would give the institution "greater exposure to the European logistics sector, strengthen execution, and maximize the performance and scale of our logistics portfolio." Other reports describe the vehicle as Prologis Logistics Investment Venture Europe (PLIVE), a pan-European joint venture. Those reports put its size at €1 billion (US$1.2 billion), with a target of up to $2 billion in gross asset value. The governance rights are shared between the partners.
In a separate infrastructure transaction, the Caisse is supporting a A$1 billion wholesale offering of subordinated hybrid securities from NEXTDC Ltd., an Australian data centre-as-a-service provider. The Caisse has also made a A$1 billion binding commitment. According to the company's press release, the funding will support NEXTDC's growth requirements and strategic initiatives, including continued development of key data centre assets and future capacity expansions. Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, said the commitment "will help underpin Nextdc's construction program, supporting growing demand for digital infrastructure in Australia."
Rana Ghorayeb, executive vice-president and head of real estate at the Caisse, said in a press release that the partnership would give the institution "greater exposure to the European logistics sector, strengthen execution, and maximize the performance and scale of our logistics portfolio." Other reports describe the vehicle as Prologis Logistics Investment Venture Europe (PLIVE), a pan-European joint venture. Those reports put its size at €1 billion (US$1.2 billion), with a target of up to $2 billion in gross asset value. The governance rights are shared between the partners.
In a separate infrastructure transaction, the Caisse is supporting a A$1 billion wholesale offering of subordinated hybrid securities from NEXTDC Ltd., an Australian data centre-as-a-service provider. The Caisse has also made a A$1 billion binding commitment. According to the company's press release, the funding will support NEXTDC's growth requirements and strategic initiatives, including continued development of key data centre assets and future capacity expansions. Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, said the commitment "will help underpin Nextdc's construction program, supporting growing demand for digital infrastructure in Australia."
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