Global logistics investment manager GLP has raised ¥130bn (€1bn) in the second close of its GLP Japan Income Fund (GLP JIF).
With ¥560bn of assets under management, GLP JIF is now Japan’s largest private open-ended logistics real estate income fund.
GLP said the new capital was raised from more than 20 international and domestic investors and will be used in part to acquire three assets in Tokyo.
GLP JIF was launched last August and seeded with 11 assets in Greater Tokyo and Osaka.
Its founding investors include Canada Pension Plan Investment Board and Allianz Real Estate, which is believed to be the largest investor in the fund.
Ralf Wessel, GLP managing director of fund management, said: “We launched GLP Japan Income Fund in response to investor demand for cash yields and access to GLP’s proprietary pipeline of newly-developed, income-producing logistics assets.
“The second close exceeded our initial target offering. We have partnered with some of the best-in-class international and domestic investors in the world.”
Following the latest acquisition, the fund will own 14 newly-developed modern logistics facilities, all fully leased and offering more than 1.3m sqm of gross floor area.
Yoshiyuki Chosa, president of GLP Japan, said: “We experienced record-high leasing in our logistics business last year. This highlights the team’s strong leasing capabilities and the market need, driven by rapidly-growing e-commerce demand.”
Chosa said GLP was the market leader in “ground-up” development and asset management. He added that GLP had established a strong pipeline of modern assets in Japan to support the group’s income fund strategies.
GLP said that, in response to investor demand, it had added approximately US$15bn (€12.2bn) of assets under management over the past 12 months and launched five new funds.
GLP is a significant investor and the largest developer and operator of modern logistics real estate in Japan, with approximately US$22bn in Japan and US$97bn worldwide.
It is also sponsor and manager of GLP J-REIT, which listed on the Tokyo Stock Exchange in December 2012.