Global logistics real estate provider and investment manager GLP said it has raised more than $1.8 billion for its private logistics real estate income strategies in Japan in recent months as investors increased weightings to the asset class.
GLP said it is the largest developer and operator of logistics real estate in Japan with more than $23 billion of assets under management and a portfolio of 9.15 million square meters (98 million square feet), mainly concentrated in Greater Tokyo and Greater Osaka.
GLP Japan Income Fund (GLP JIF), the largest private open-ended logistics fund in Japan launched in August 2020, has surpassed JPY 300 billion (approximately $2.7 billion) in total capital commitments, a major milestone that more than doubles the size of the fund from a year ago. The latest round of fundraising in 1H 2021 totalled JPY 22.2 billion ($200 million) from 18 investors.
GLP Japan Income Partners I (GLP JIP I), GLP’s first Japan value-add fund, has been restructured into a new long-term core vehicle. GLP JIP I was established in 2011 to acquire a portfolio of modern logistics properties located within the prime Greater Tokyo and Greater Osaka regions.
Ralf Wessel, Managing Director, Fund Management, GLP, said, “Our sector continues to prove its resiliency and GLP’s expertise as logistics operators and developers gives our team a distinct competitive advantage to build high-quality businesses, generate attractive risk-adjusted returns and drive value creation across all phases of the real estate cycle. We wish to thank our investors for their continued trust and support.”
“We will continue to raise capital for both our development pipeline as well as core portfolio of income producing assets. The market continues to show strong dynamics offering investors an attractive investment opportunity,” said Wessel.