An unnamed Chinese insurer has backed GLP Capital Partners (GCP) in the launch of a new fund, seeded with a RMB4.3bn (€557m) portfolio of industrial assets.

The China Income Fund X (CIF X) will own 13 industrial park assets with a total leasable area of over 970,000sqm located in core markets including Shanghai, Kunshan, Shaoxing, Tianjin, Chongqing, Shenyang and Dalian.

GCP said CIF X’s manufacturing and warehousing logistics parks served manufacturing industries such as automobiles and parts, electronics and electrical appliances, pharmaceuticals, and medical equipment, as well as new industries such as new materials, industrial robots, and semiconductors.

Teresa Zhuge, president of China at GLP Capital Partners, said: “China’s manufacturing push to strengthen industrial and supply chain resilience has accelerated demand for industrial parks amongst advanced manufacturing firms and we foresee this to be a long-term trend as the industry continues to develop.”

Zhuge said the latest fundraising and new limited partnership affirmed investors’ demand for long-term income-generating industrial assets as well as confidence in GCP asset management capabilities.

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