An unidentified global investor has backed GLP Capital Partners (GCP) in the launch of the first vehicle under its industrial parks investment strategy in China.
The GCP China Advanced Research Manufacturing Value-Add Partners (CAVP) fund has an initial capacity of more than US$350m (€327m) to invest in industrial parks, focusing on advanced research and manufacturing (ARM) facilities in China’s core economic hubs.
“We are pleased to provide investors access to GLP incubated and managed ARM facilities as we progress on our capital recycling goals,” said Teresa Zhuge, president of China at GCP.
The fund’s initial asset will be a 140,000sqm industrial park, developed and owned by GCP, in Beijing.
The vehicle has the mandate to acquire additional assets in sectors including new energy vehicle and smart manufacturing. “High-tech manufacturing remains a bright spot,” said Tim Wang, co-president of logistics and industrial real estate, GCP China.
“We believe in the long-term fundamental demand for this sector as the transformation and upgrading of traditional industries continues to accelerate.”
With the addition of CAVP, GCP has more than US$3.5bn of investable capital targeting logistics/industrial parks with an ARM focus. This includes China Income Fund X and China Income Fund XII.
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