GLP has received an additional €500m in capital commitments for GLP Europe Income Partners II (EIP II), lifting the pan-European logistics fund’s total equity commitments to €1.6bn.

The global logistics real estate specialist said the total amount raised so far enables the fund to reach €3.2bn assets under management once fully deployed.

The additional equity was raised from institutional investment partners across Europe, the Middle East and Asia, GLP said.

As reported in September last year, GLP raised an initial €1.1bn from for GLP EIP II, a fund which will provide investors with immediate exposure to a €1.6bn portfolio, comprised of assets bought from Goodman Group for €1bn earlier last year and other off-market deals. 

Ralf Wessel, GLP managing director, fund management, said: “Since its inception, GLP EIP II has performed exceptionally well, which led to very strong investor demand and we exceeded our fund target.

“We are pleased to see that our strategy resonates with our existing investors as well as several new investors and we will continue to pursue investments in premium quality assets to deliver attractive returns.”

Nick Cook, president of GLP Europe, said the company expects the European logistics market to “accelerate in 2021 and will continue to execute on our disciplined growth strategy to acquire high-quality assets in prime locations”.

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