Global investment manager GLP has closed on €1.2bn of equity commitments for its GLP Europe Income Partners III (EIP III) fund having launched the vehicle last October.
The company now needs just another €300mln to hit its lower target of €1.5bn for the fund, which has a core-plus profile targeting industrial and logistics.
For the first time in the fund’s series, Japanese investors have signed up.
GLP is an investment manager in logistics, data infrastructure, renewable energy, and related technology in Brazil, China, Europe, India, Japan, the US, and Vietnam, and has more than $120bn (€109bn) in AUM in real estate and private equity.
Ralf Wessel, MD of fund management, said: ‘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, MD, GLP Europe, added: ’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.’
Investors in EIP III are mostly existing GLP investors.
The first fund in the series was launched in 2017.
The company was founded in 2009. Its cofounder, Jeff Schwartz, passed away in 2014.
