GLP plans to set up additional funds across Europe, the logistics group said as it announced the close of two European funds which will collectively hold $4.0bn (€3.47bn) in assets.

Singapore-headquartered GLP said new and existing investors, including sovereign wealth funds and pension plans, backed GLP Europe Income Partners I (GLP EIP I) and GLP Europe Development Partners I (GLP EDP I) funds.

Long-term investors, including sovereign wealth funds, pension plans, property and insurance companies from North America, Asia, Europe and the Middle East, have invested in the funds, GLP said.

The funds also received support from new investors, including Korea Fire Officials Credit Union, Oxford Properties, QuadReal Property Group and Tesco Pension Investment.

GLP is the manager and retains a 13% stake across both funds.

Ming Mei, the co-founder and CEO of GLP, said: “We are pleased to further grow our fund management platform and welcome new partners while strengthening existing long-term investor relationships.

“Demand from institutional investors to partner with GLP remains strong and we plan to establish additional funds across Europe.”

In December last year, GLP established the two European funds, after completing the acquisition of Gazeley.

GLP EDP I is seeded with land to support 16m sqft buildable area and is expected to reach $2.1bn when fully leveraged and invested. GLP EIP I comprises a $2.1bn portfolio of Gazeley’s operating assets across the key European markets of the UK, Germany, France and the Netherlands.