GLP has raised JPY311 billion ($2.75 billion) for GLP Japan Development Partners IV, the largest ever Japan-focused private real estate fund to date, exceeding the JPY250 billion ($2.3 billion) of the predecessor fund, GLP JDP III established in 2018.
GLP Japan Development Partners IV (GLP JDP IV) is the fourth vintage of the firm’s flagship logistics development fund series in Japan and is targeting JPY412 billion ($3.7 billion) of total equity commitments.
GLP said the fund is expected to reach over JPY 1 trillion ($9.1 billion) of assets under management when fully deployed.
GLP JDP IV is comprised of both existing and new investors with commitments from a well-diversified group across North America, Asia and the Middle East representing pension funds, sovereign wealth funds and insurance companies.
More than 85 percent of the commitments were made by returning GLP JDP III investors.
Yoshiyuki Chosa, President of GLP Japan, said: “As the market leader and pioneer of modern logistics in Japan, we have built up a strong track record over the past decade and continued to raise the bar in delivering signature developments that create value through active asset management, ecosystem development and technology and innovation. GLP JDP IV will feature our flagship ALFALINK projects which promote supply chain optimization by creating modernized, end-to-end, digitalized solutions to help customers meet complex and rapidly evolving supply chain needs.”
Ralf Wessel, Managing Director, Fund Management, GLP, said, “GLP’s ongoing fundraising and business development activities demonstrates the strength and attraction of the logistics market driven by ecommerce and supply chain modernization. Our recent closings are a testament to the strength of our on-the-ground teams and continued investors’ confidence in GLP’s ability to originate investment opportunities at attractive pricing to support our disciplined growth strategy and drive value through all phases of the asset life cycle. GLP will continue to grow its global AUM platform through this proven business model.”
Like its predecessor funds, GLP JDP IV plans to develop the next generation of modern and environmentally-friendly logistics facilities in Japan with a focus on the prime Greater Tokyo and Greater Osaka regions.
Developments will aim to obtain certifications such as LEED, CASBEE and ZEB, will be equipped with solar panels to offset energy usage and include amenities that support the wellbeing of workers and local communities including day care centres, restaurants, convenience stores and more.