Global investment manager GLP has raised an initial €1.2bn for GLP Europe Income Partners III (GLP EIP III), a pan-European logistics fund seeded with a portfolio of 34 assets.

GLP said its third fund is targeting more than €1.5bn of total equity commitments and in excess of €3bn of assets under management once fully deployed. The predecessor fund in the EIP series raised €1.6bn.

Investor demand for GLP EIP III for the first close has been led by institutional investment partners, the majority of whom are existing GLP investors, the manager said. GLP said it also welcomed its first Japanese investors into its Europe fund series.

GLP EIP III is seeded with a portfolio of 34 logistics assets comprising 1.5m sqm in strategic logistics locations across Europe. The seed portfolio comprises a high proportion of newly built assets.

Ralf Wessel, managing director of fund management at GLP said: “Our Europe business continues to demonstrate continued momentum and strong demand and GLP EIP III seeks to enable GLP and its capital partners to capture the market opportunity.

“We expect to increase the fund size beyond its initial target on the back of strong investor demand and a robust acquisition pipeline.”

Daan van den Hoven, managing director, GLP Europe, said: “We believe European logistics market fundamentals remain highly attractive, driven by structural supply constraints coupled with robust demand emanating from accelerating e-commerce penetration rates across major European economies.

“GLP has carved a niche by leveraging our network and expertise to source both single asset and portfolio deals, most of them off-market, to provide investors with immediate scale to capitalise on strengthening sector tailwinds.”

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