GCP raises $2.3bn for North American logistics real estate fund

GCP raises $2.3bn for North American logistics real estate fund

Los Angeles-based GLP Capital Partners (GCP) has raised $2.3 billion for its North American logistics real estate fund, GLP Capital Partners IV, exceeding its $2 billion target.

GLP Capital Partners said the fund is the largest discretionary closed-end fund focused on North American logistics real estate ever raised. ”It is also one of the largest first-time discretionary real estate funds in history.”

The fund is capitalized by a diverse group of prominent domestic and international institutional investors, including public and corporate pensions, sovereign wealth funds, insurance companies, asset management firms, endowments, and family offices.

“We began raising this fund just as the global pandemic changed so much about our economy and daily lives,” said Alan Yang, Founder, CEO, and Senior Managing Director of GCP.

“Our team stayed focused on delivering a compelling value proposition to investors. The fundraise is a testament to the demand for logistics real estate driven by accelerating e-commerce. We are grateful for the trust of our limited partners and we look forward to continuing to put their capital to work,” he added.

The fund aims to invest in institutional-quality logistics assets across the value creation spectrum that are strategically located in infill and key distribution markets.

At its final closing, the fund was over 50% committed to investments. Its curated portfolio comprised more than 25 million square feet in markets such as Southern California, Eastern Pennsylvania, Seattle, Portland, and South Florida.