Global Logistic Properties (GLP) has raised $3.7bn (€3.4bn) for a Chinese logistics fund.

The Singapore-listed firm said its CLF II vehicle has been backed by seven global institutions, including national pension and sovereign wealth funds.

Five of the investors are from Asia, one from North America and one from the Middle East, GLP said.

Of the seven, four investors are partners in the firm’s CLF I vehicle and two are new to GLP’s fund management platform.

GLP was created in 2010 when Singapore sovereign wealth fund GIC floated its logistics portfolio.

GLP’s China subsidiary will manage the fund and has taken a 56% stake.

With leverage, the fund could invest up to $7bn. GLP is aiming to develop 13m sqm over the next four years.

Ming Z Mei, GLP chief executive, said China remains the firm’s “primary market for development”.

Mei said: ”The fund management platform is an important source of capital for GLP and we remain focused on leveraging it to scale our business effectively while driving higher risk-adjusted returns.”

The fund will start buying land later this year and begin construction in April next year.

CLF I, GLP’s first China development fund, launched in November 2013, has reached its investment capacity.