CIC eyes Brazil's logistics market

China Investment Corporation, the country's sovereign wealth fund, has participated in a purchase, which will build the largest logistics platform in Brazil.

CIC, together with Canada Pension Plan Investment Board, the Government of Singapore Investment Corp, and Global Logistic Properties, will set up two joint ventures to buy two investment portfolios worth $1.45 billion.

One of the portfolios, in which CIC holds a 34.2 percent stake, involves 34 logistics facilities and a development project.

A total of 88 percent of the assets of the two JVs will focus on developing the logistics market in Sao Paulo and Rio de Janeiro, which together account for more than 40 percent of Brazil's GDP.