Pensions
CPP Continues to Bolster Logistics Assets in $468M Co-Investment With Blackstone
The investment in French logistics and real estate platform Proudreed is the Canadian pension giant’s latest move.
Reported by Michael Katz
The Canada Pension Plan Investment Board continues to beef up its logistics portfolio, most recently with a €400 million ($464 million) co-investment alongside Blackstone in French private urban logistics and real estate platform Proudreed.
The investment gives the C$793.3 billion ($574.2 billion) pension provider a “large” minority interest in the platform, although CPP Investments did not disclose details about the size of its stake in the company.
Proudreed owns and manages approximately 1.6 million square meters of logistics and light industrial assets in France, mostly related to its focus on “last-mile urban locations.” Nearly half of the company’s sites are concentrated in the cities of Paris, Lyon and Marseille. The company stated its platform has the potential to expand its investments by and additional more than 500,000 square meters.
“This investment gives us immediate scale in one of Europe’s most supply-constrained last-mile urban logistics markets,” said Thomas Jackson, CPP Investments’ head of European real estate, in a statement. “Proudreed combines a high-quality, diversified portfolio with strong embedded rental growth potential.”
The co-investment is another in a string of investments CPP has made recently in logistics firms.
In February, CPP Investments agreed to acquire a 60% stake in Icelandic data center services provider atNorth from from Partners Group for $1.6 billion.
In December 2025, CPP Investments agreed to form a joint venture with Dream Industrial REIT and Dream Asset Management to acquire Canadian last-mile industrial assets.
In November 2025, the pension fund and IndoSpace, under its IndoSpace Core joint venture, agreed to acquire six industrial and logistics parks in India worth about C$471 million at the time.
Also during fiscal 2025, CPP invested an additional C$594 million in DSV A/S, a Danish transport and logistics company, bringing the pension fund’s total ownership stake in the firm to 1.9%.