Global investment manager GLP has achieved the first close of its newly established pan-European logistics fund, GLP Europe Income Partners II (GLP EIP II), with €1.1 bn of equity commitments.
The investors in GLP EIP II comprise both new and existing global institutional investor partners, according to the firm.
GLP EIP II is seeded with a pan-European logistics real estate portfolio of income-producing assets, largely sourced off-market, and totalling 1.9 million m2 across 25 logistics locations in nine countries.
Ralf Wessel, GLP managing director, fund management, said: 'Since entering the European market in 2017, GLP has tripled its assets under management and strategically expanded its presence to meet investor demand and support its disciplined growth strategy.
'In 2020, GLP added close to $9 bn (€7.7 bn) across our logistics strategies globally, signifying strong investor confidence in our investment and operating expertise.'
With an average age of less than five years, the seed assets in the new fund benefit from a weighted average unexpired lease term of nearly seven years and an average occupancy of just over 97%, following further lettings in 2020.
Nick Cook, president of GLP Europe, added: 'GLP Europe Income Partners II demonstrates the continuing strength of the European logistics market driven by consumption, e-commerce and supply chain modernisation.
'Over the past two years, our experienced on-the-ground team has executed more than 20 off-market transactions to create a truly pan-European logistics platform and support our disciplined growth strategy.'
In Europe, GLP has €9 bn of assets under management. GLP EIP II is the company’s fourth Europe-focused investment vehicle and follows its $2.6 bn GLP Japan Income Fund, Japan’s largest private open-ended logistics real estate income fund, which was launched in August 2020.
