GLP has raised an initial US$1.75bn (€1.5bn) for GLP China Logistics Fund III and is aiming to raise US$2bn for the fund.
The fund, which is expected to reach as much as US$5bn in assets under management when fully deployed, has attracted commitments from institutional investment partners in North America, Asia, Europe and the Middle East. The majority are existing GLP investors.
Teresa Zhuge, executive vice chairman of GLP China, said: “GLP CLF III is indicative of continuing investor appetite for modern logistics in China.
“The scale at which GLP operates enables us to deploy capital efficiently to build a resilient portfolio of next-generation logistics facilities, with modern solutions and integrated technologies that contribute to economic growth and job creation in surrounding communities.”
CLF III is the third vintage of the firm’s flagship discretionary logistics development fund series.
With the addition of GLP CLF III, GLP manages more than US$7bn of discretionary equity for logistics real estate development in China.
More broadly, GLP manages US$72bn assets under management in China across logistics, data centres, renewable energy and private equity strategies, including the listing of the first logistics C-REIT on the Shanghai Stock Exchange in June.
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