Global investment manager GLP has raised RMB5.4bn (€736m) for its seventh logistics income fund series in China.
The GLP China Income Fund VII (GLP CIF VII) fund’s investors include domestic insurance companies including new and existing investors that have previously participated in GLP’s onshore funds, the manager said.
GLP CIF VII is seeded with 13 modern logistics assets from GLP’s balance sheet. The 800,000sqm seed assets are located across key logistics hubs including Shanghai, Qingdao, Wuhan and Changsha.
Teresa Zhuge, executive vice chairman of GLP China, said GLP CIF VII is the second income fund in China’s onshore income fund series to close this quarter which “demonstrates the continued confidence our investors have in our ability to generate attractive returns”.
Earlier this month, GLP closed its sixth China income logistics fund with RMB7.6bn in assets under management.
“As the logistics sector is a fundamental pillar supporting economic growth, we continue to see strong investor demand and are able to accelerate asset monetisation and capital recycling to expand our investment in best-in-class logistics infrastructure,” Zhuge said.
Angela Zhao, co-president of logistics and industrial real estate of GLP China, said: “China’s supply chains have displayed strong resilience with growing potential even against the macro environment impacted by the pandemic.
“We see new opportunities emerging from continued digitalisation and efficiency upgrades driven by retail businesses increasingly going online and e-Commerce players sharpening their competitive edge.
“We remain committed to investing in and enhancing our facilities in China, supporting new economy sectors. Through sustainability-focused smart park and carbon-neutral technologies, we continue to strengthen our long-term partnerships with clients.“
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