GLP closes $700m China logistics fund

GLP closes $700m China logistics fund

GLP has announced the closing of its RMB4.5 billion (US$700 million) China onshore income vehicle, GLP China Income Fund III (GLP CIF III).

In April, GLP had closed China-focused core-plus logistics fund, GLP China Income Fund II, with total capital commitments of RMB 5.8 billion (approximately US$900 million).

GLP CIF III portfolio includes 11 stabilised industrial and logistics park assets located in key logistics and industrial hub areas of Shanghai, Suzhou, Tianjin, Chengdu, Wuxi and Changzhou.

GLP said the 11 assets have a lease ratio of 95 percent as of May 2021. The portfolio assets were contributed by GLP China.

Teresa Zhuge, Executive Vice Chairman of GLP China, commented: “We continue to see robust investor demand for stable logistics and industrial assets and income streams in China. The fund management platform is an important source of capital for GLP and we will continue to raise capital for both our development pipeline and stabilized assets to scale our business effectively while generating attractive returns for our investors.”

In China, GLP’s total GFA exceeds 43 million square meters (463 million square feet) and real estate AUM is more than US$40 billion. The company manages onshore and offshore logistics strategies with return targets ranging from core to opportunistic.

In June 2021, GLP C-REIT was the first logistics C-REIT to be listed on the Shanghai Stock Exchange.