Press Release: e-Shang : APG and CPPIB Establish US$500 Million Korean Logistics Development Platform with e-Shang and Kendall Square Logistics Properties

SEOUL, SOUTH KOREA and HONG KONG SAR, CHINA and TORONTO, CANADA--(Marketwired - Nov. 16, 2015) - Dutch pension asset manager APG Asset Management N.V. ("APG") and Canada Pension Plan Investment Board ("CPPIB") today announced that they have established a joint venture platform (the "JV") with logistics developer, owner, operator e-Shang and its Seoul-based subsidiary Kendall Square Logistics Properties ("KSLP"). The JV will develop and own a portfolio of institutional-grade, modern logistics real estate assets across South Korea and will initially be capitalized with equity commitments totalling US$500 million with an option to upsize the JV to a total capitalization of US$1 billion.