GLP has established a new China fund to invest in a port-based logistics park in Shanghai.
The closed-end GLP China Value-Add Venture III (CVA III) fund held a single closing to create a RMB4.5bn (€562m) fund.
Teresa Zhuge, executive vice chairman of GLP China, told IPE Real Assets the new fund was the group’s third China-focused value-add fund in GLP’s logistics real estate series.
She added that GLP CVA III is GLP China’s first RMB offshore-and-onshore parallel fund.
The first two funds in the GLP value add series, GLP CVA and GLP CVA II, have combined assets under management of US$4.9bn (€4bn).
“They are single-investor 2018 vintage funds formed with China Life and GIC respectively,” Zhuge said.
The latest fund is fully-seeded with GLP Park Lingang in Shanghai. Zhuge said there was further build-out potential in the asset, which was the “biggest and most advanced port-based” logistics park in China.
Despite the COVID-19 pandemic, she said 2020 had been the largest-ever fundraising year for the GLP group.
“Globally, the company has added in excess of US$12bn in managed assets, with the launch of six new funds in its real estate and private equity strategies,” she said.
To read the digital edition of the latest IPE Real Assets magazine click here.
No comments yet