Global investment manager GLP announced it has launched Japan’s largest private open-ended logistics real estate income fund, GLP Japan Income Fund (GLP JIF), with JPY 280 billion (US$2.6 billion) assets under management (AUM) fund at inception.
The majority of investors in GLP JIF include pension funds, financial and insurance companies and sovereign wealth funds, investing alongside GLP.
GLP JIF will be seeded with 11 newly developed modern logistics assets in Greater Tokyo and Osaka, providing long-term stable cash yields to investors. The assets are 100 percent leased and include six LEED Gold and Platinum certified developments.
“GLP Japan Income Fund represents a significant milestone for our business and highlights the strength and track record of GLP as an asset manager and developer. Customer demand remains strong and we will continue to raise the bar by creating signature developments that drive innovation in the Japan logistics real estate industry,” said Yoshiyuki Chosa, president of GLP Japan.
“Investor interest from domestic and international investors in GLP Japan Income Fund was very strong. We believe it is a testament to our high-quality, modern logistics assets and our fund management and operational capabilities, which allow us to drive value for our investors through all phases of the asset life cycle” said Ralf Wessel, managing director, fund management, of GLP in Singapore.
In recent months, GLP has announced $4.7 billion of logistics funds globally. In addition to GLP JIF, the company announced its US$2.1 billion China Income Fund I in April.
GLP is also the sponsor and manager of GLP J-REIT, a real estate investment trust which was listed on the Tokyo Stock Exchange in December 2012, in one of Japan’s largest real estate IPOs.