GLP closes $700m logistics-focused China Income Fund III

Photo: GLP website

Singapore-based GLP, Asia’s biggest warehouse operator, announced the close of its newest China-focused logistics fund – GLP China Income Fund III (GLP CIF III) – with a total investment capacity of 4.5 billion yuan (about $700 million).

Fund III’s close comes three months after the firm closed Fund II, which has a total investment capacity of approximately $900 million.

In a statement, GLP said the latest fund is seeded with a portfolio of 11 assets, contributed by GLP China, comprising income-generating industrial and logistics parks located in key logistics and industrial hub areas of Shanghai, Suzhou, Tianjin, Chengdu, Wuxi, and Changzhou.

The firm continues to see robust investor demand for stable logistics and industrial assets and income streams in China, according to Teresa Zhuge, GLP China’s executive vice chairman.

“The fund management platform is an important source of capital for GLP and we will continue to raise capital for both our development pipeline and stabilized assets to scale our business effectively while generating attractive returns for our investors,” she added.

China’s logistics sector has been expanding rapidly in recent years. The COVID-19 pandemic has accelerated the growth of online marketplaces, which in turn further spurred the demand for logistics facilities from third-party logistics, e-commerce, and retail companies.

GLP CIF III is the seventh vehicle in China to support GLP’s capital recycling strategy. The company also manages GLP China Value-Add Venture (CVA) I and II, which were launched in 2018, making more than $10.5 billion of income funds in China.

Last year it launched GLP CVA III with an investment firepower of 4.5 billion yuan to back logistics assets in Shanghai. It also made the final close of CIF I with a total investment capacity of 15 billion yuan.

The latest fund will join the other vehicles that GLP has introduced in recent years. Besides the value-add real estate fund series, it also manages GLP China Logistic Fund I & II, GLP China Income Fund series, as well as Hidden Hill Modern Logistics PE RMB Fund I, managed by Hidden Hill Capital – GLP’s private equity platform in China.

Founded in 2009, GLP operates a logistics real estate investor, developer, and operator that manages a total of 63 real estate & private equity funds with over $100 billion in total AUM, according to its website. The firm said that its AUM has been growing at a compound annual growth rate (CAGR) of 48% over the past 10 years.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.