GLP Japan Income Fund (GLP JIF) has raised a further ¥22bn (€167m) in its latest capital raise, bringing the total to ¥300bn in less than a year.
GLP JIF – launched last August and seeded with 11 assets – is now the largest private open-ended logistics fund in Japan, holding assets totalling US$5bn (€4.2bn). The fund raised ¥130bn in a second close in January.
“At this pace of growth, we will become a US$10bn vehicle within three to five years,” said Ralf Wessel, GLP’s managing director, fund management.
GLP JIF’s founding investors include Canada Pension Plan Investment Board and Allianz Real Estate, which is believed to be the largest investor in the fund.
Wessel said that, while GLP JIF’s investors were a mix of foreign and domestic institutions, the latest round of capital came mostly from Japanese pension funds and institutions.
He told IPE Real Assets that there had been a strong uptick in interest in logistics among domestic investors.
Wessel said GLP JIF had deployed ¥200bn and had “a clear roadmap” to invest another ¥100bn over the next 12 to 18 months.
“GLP is developing up to US$2bn worth of projects each year. We can access those developments and are also able to buy standing assets when they present good opportunities”.
GLP is focused on Tokyo and Osaka, but Wessel said that, selectively, the fund could invest outside these two big cities.
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