Global investment manager GLP has raised an additional €500 mln for its new European logistics fund, GLP Europe Income Partners II (GLP EIP II). The fund, which carried out a first closing in September last year, has secured total equity commitments of €1.6 bn, exceeding its original target of €1.25 bn, and enabling it to reach €3.2 bn of assets under management (AUM) once fully deployed.
The additional equity was raised from institutional investment partners across Europe, the Middle East and Asia.
GLP EIP II is seeded with a portfolio of high quality, attractive and well-located logistics assets in Europe with an occupancy level of nearly 99%. The assets have an average building age of less than five years, modern specifications and the portfolio benefits from a weighted average unexpired lease term of nearly seven years. GLP EIP II is the company’s fourth Europe-focused investment vehicle.
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: ‘GLP Europe has over 30 years of experience investing, developing and operating some of Europe’s highest quality logistics assets and today we have strategically built an extensive footprint across Europe. We expect 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.’
GLP manages €10 bn of AUM across Europe’s strongest logistics markets. The firm has added approximately $16 bn of AUM to its logistics strategies over the last 12 months.
