Singapore-listed Global Logistics Portfolio (GLP) has raised $4 bn (€3.5 bn) for its two funds GLP Europe Income Partners I (GLP EIP I) and GLP Europe Development Partners I (GLP EDP I), both established last year in conjunction with its acquisition of Gazeley from Brookfield.
The global logistics specialist said that fund investors in GLP EIP I and GLP EDP I comprised global sovereign wealth funds, pension plans, property and insurance companies, and included Korea Fire Officials Credit Union, Oxford Properties, QuadReal Property Group and Tesco Pension Investment. GLP will manage both funds and retains a 13% stake.
'We are pleased to further grow our fund management platform and welcome new partners while strengthening existing long-term investor relationships,' said Ming Mei, Co-Founder and CEO of GLP.
'Demand from institutional investors to partner with GLP remains strong and we plan to establish additional funds across Europe.'
GLP established the new funds in December 2017 following its acquisition of UK-headquartered Gazeley from New York-listed real estate manager Brookfield for €2.4 bn.
Gazeley’s pan-European platform comprises a 1.6 million m2 operational portfolio and development pipeline of 1.4 million m2 concentrated in the logistics markets of the UK, Germany, France and the Netherlands.
