GLP, which plans to set up additional funds across Europe, is creating a €2bn platform with British Columbia Investment Management Corporation (BCI) and Canada Pension Plan Investment Board (CPPIB).

Singapore-headquartered GLP said it will partner with BCI’s real estate arm QuadReal Property Group and CPPIB’s subsidiary CPP Investment Board Europe to establish GLP Continental Europe Development Partners I (GLP CDP I).

The partners are contributing €1bn in equity to GLP CDP I, which will focus on developing modern logistics facilities in Germany, France, Italy, Spain, Netherlands and Belgium, GLP said.  CPPIB will contribute €450m of equity to GLP CDP I.

GLP moved into the European logistics market with the acquisition of the European logistics business Gazeley for €2.4bn from Brookfield Asset Management in October last year.

In August this year, GLP announced the close of two European funds, GLP Europe Income Partners I and GLP Europe Development Partners I, which will collectively hold $4.0bn (€3.47bn) in assets.

With the establishment of GLP CDP I, GLP will have three funds in Europe totalling more than €6bn assets under management when fully invested. GLP has around $60bn (€52.51bn) of assets under management globally.

Ming Mei, the co-founder and CEO of GLP, said: “The proposed establishment of GLP CDP I reflects the confidence that institutional investors have in GLP and Gazeley, our Europe platform. We are committed to a long-term growth strategy in Europe.

“Demand from institutional investors to partner with GLP remains strong and we see opportunities to expand our fund management platform further.”

Andrea Orlandi, a managing director and head of real estate investments in Europe at CPPIB, said: “This partnership deepens our longstanding relationship with GLP, one of our largest global partners and establishes a new relationship with QuadReal.

“GLP CDP I is a key part of our development-led growth strategy in the logistics sector globally, and will significantly enhance our existing holdings in continental Europe.”

Jay Kwan, the head of Europe at QuadReal, said: “Research and experience inform our high conviction about developing logistics facilities in select, target markets that will create a resilient industrial portfolio.

“We are delighted to be partnering with CPPIB and GLP as we invest in the logistics sector across Continental Europe.”