US insurer AIA and Allianz Group are among the investors backing GLP’s newly launched $5bn (€4.9bn) GLP China Income Partners V (GLP CIP V) fund.
The fund has been established as a result of a $5bn recapitalisation of the portfolio developed by its 2013-vintage GLP China Logistics Fund I (GLP CLF I) fund.
GLP said investors in the new fund included insurers, sovereign and pension funds, many of which are existing investors in other GLP funds, which had opted to roll over their investment.
Mark Konyn, AIA’s group CIO, said AIA sees ”substantial opportunities to enhance returns for AIA’s customers and shareholders through diversification of our investment portfolio into alternative asset classes”, adding that the investment also illustrates AIA’s strong conviction in the global logistics real estate market and in China.
Danny Phuan, head of acquisitions Asia Pacific and head of China, Allianz Real Estate said China represented an excellent investment opportunity for its investors over the long term and investing with partners like GLP and other like-minded investors makes this “an exciting opportunity”.
Teresa Zhuge, executive vice chairman of GLP China, said logistics continued to prove its resiliency and strong growth potential and GLP looked forward to continuing to create value for its investors over the long term.
Craig A Duffy, GLP’s managing director, fund management, said: “Today’s announcement is a clear validation of GLP’s competitive advantage as an operator and an investor to deploy capital and deliver returns in scale and drive value creation across all phases of the asset cycle.”
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