Singapore-based GLP has closed the GLP China Income Fund XIV, which has RMB2bn (€239m) in assets under management.
GLP did not comment on the amount of capital raised, but its funds typically have 50-60% gearing.
The vehicle is seeded with five income-generating logistics and industrial assets from GLP’s balance sheet, tenanted by companies in consumer-focused third-party logistics, e-commerce, automobile-related industries.
Teresa Zhuge, chairman of the executive committee of GLP China, said: “We are pleased to complete another successful fundraise for our onshore income fund strategy, in line with our asset-light strategy of growing funds under management.”
Zhuge said institutional investors continued to appreciate the resilience of China’s logistics sector in China. “We look forward to continuing to create value for our investors over the long-term.”
She added GLP’s ability to attract high quality institutional capital remained strong, exemplified by recently announced strategic investments from Abu Dhabi Investment Authority and Zhejiang government-backed investors.
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