Debevoise & Plimpton LLP has advised Canada Pension Plan Investment Board (CPP Investments) in the sale of its interests in Goodman North American Partnership LP (GNAP) for approximately $2.2 billion. The transaction included a phased spin-out of certain assets held by GNAP to affiliates of Goodman Group (ASX:GMG). As part of the transaction, Debevoise also advised CPP Investments in connection with the sale of a 45% partnership interest in GNAP to an affiliate of Norges Bank Investment Management, the entity that manages Norway’s government pension fund.

The sale of CPP Investments’ interests in GNAP closed on January 1, 2025. For more information, please see the press release.

GNAP was established in 2012 to invest in high-quality logistics and industrial properties in key North American markets utilizing core, value-add and development investment strategies. With an initial commitment equal to $890 million, GNAP held approximately 28 properties across California, New Jersey, New York and Pennsylvania, with a net asset value totaling approximately $6 billion.

CPP Investments is a professional investment management organization that manages the CPP Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil.

Goodman Group is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist investment managers of industrial property and business space globally.

The Debevoise team was led by real estate partner Peter Irwin and associates Alexander Djaha and Malina Welman, tax partner Michael Bolotin and associate Elliott Tuchman, capital markets partner Eric Juergens, litigation partner William H. Taft V and counsel Brandon Fetzer, and antitrust partner Timothy McIver and counsel Kyra Bromley.