Global Logistic Properties (GLP) has brought in six global investors for a US$1.5bn (€1.44bn) real estate fund focused on the US.
GLP US Income Partners III has attracted US$620m in equity and will look to invest more than twice that amount, by using leverage, over the next three years.
The logistics vehicle will be seeded with a portfolio that GLP acquired from US developer Hillwood for US$1.1bn in September.
The new fund is the third in a series of US-focused vehicles. The two predecessors were launched in 2015 and manage US$8.2bn and US$4.7bn of assets respectively.
US Income Partners I attracted US$3.2bn of equity from investors, including Singapore sovereign wealth fund GIC and Canada Pension Plan Investment Board. US Income Partners II brought in US$2bn of equity from investors including China Life.
Chief executive Ming Mei said capital raising for the third fund “exceeded expectations” with “strong support from new and existing institutional investors”.
The unnamed investors in the fund will take up appropriately 90% of equity, with GLP holding the balance.
GLP is due to acquire the first tranche of US$700m from Hillwood this month, and it has a identified a further US$400m of assets that will be acquired in phases, should they satisfy the fund’s criteria.
GLP has also been given the go-ahead to source another US$400m of property.
GLP is now the second-largest logistics property owner and operator in the US, managing 173m sqft of space across the country.
There are questions surrounding the future ownership of the company, which manages US$561m sqft of logistics globally, including in China, Japan and Brazil.
Earlier this month, GLP confirmed it was undertaking a “strategic review” of its busines at the request of its largest shareholder, GIC.
GLP has yet to move into European logistics. Earlier this year chairman Seek Ngee Huat told IPE Real Estate that GLP would “definitely not rule out the European market”. He said: “There are some markets in Europe that we have been following.”
