GLP Capital Partners (GCP) has received new inflows of JPY15bn (€96m) from new domestic Japanese investors for its flagship Japanese open-end logistics core strategy.
GCP said the capital included a sizeable commitment from a domestic real estate company to the GLP Japan Income Fund (JIF).
JIF has now reached about JPY453bn in total capital commitments and has grown its portfolio to JPY700bn since its inception in 2020. As of 31 March 2023, JIF’s portfolio comprised 22 properties, including GLP Misato III and GLP ALFALINK Nagareyama I, II, III and VIII.
GCP has a target of growing JIF’s assets under management to JPY1trn by 2025.
JIF is the largest fund of its kind in Japan, and has attracted a diverse set of more than 60 domestic and international investors, including pension funds, sovereign wealth funds, insurance companies and other institutional asset managers.
“One-third of JIF’s capital base comprises domestic investors, which is substantial in dollar terms,” said Ralf Wessel, global head of fundraising at GLP Capital Partners.
“The Japan logistics market continues to benefit from strong occupier demand and positive secular tailwinds from e-commerce growth, an increased need for third-party logistics services and a shortage of modern logistics facilities in the market,” said Yoshiyuki Chosa, president of Japan at GLP Capital Partners.
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