GLP Capital Partners (GCP) has closed on a closed-end office income strategy in China seeded with a RMB3.6bn (€463m) office asset from its balance sheet.

The cornerstone investor of the new fund is an Asian insurance group, described as “a longstanding partner in GCP’s strategies”.

The single-asset income fund owns the office complex located in Beijing’s East Second Ring Road Business District. The property underwent comprehensive asset management and leasing repositioning after GLP acquired the property in 2021.

“We continue to see sustained investor appetite for assets generating stable and secured cash flows,” said Teresa Zhuge, executive vice-chairman and president, China at GLP Capital Partners.

Zhuge said: “The successful closing of the income fund is a strong recognition of our investment and asset management capabilities.” The GLP team had significantly enhanced the building which now enjoyed operational stability, she said.

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