GLP closes $2.1b China logistics fund despite COVID outbreak

Photo: GLP website

GLP has closed its GLP China Income Fund I with investment firepower of around 15 billion yuan (around $2.1 billion), the logistics investment manager said in a statement Monday.

“Despite the current environment, we received significant interest from institutional investors to participate in GLP CIF I,” Teresa Zhuge, executive vice chairman of GLP China, said in the statement.

“Investor demand for China logistics real estate is exceptionally strong and we are pleased to provide our institutional investor partners access to this market opportunity,” she added.

Seven institutional investors, six of which are new to GLP, have invested in the fund, the statement said.

The fund contains 34 income-producing assets across 18 cities in China, where GLP sees opportunity in the mainland’s rapid e-commerce growth, the statement said.

The fund is GLP’s third China vehicle for its capital recycling strategy after the GLP China Value-Add Venture I & II, launched in 2018. This brings the company’s China income fund assets to $7 billion, the statement said.

GLP also said it manages six China real estate and private-equity funds, with around $19 billion in assets under management.

In March, GLP said it would acquire Goodman Group’s logistics real estate portfolio in Central and Eastern Europe in an around 1 billion euro deal. That portfolio included assets in Poland, the Czech Republic, Slovakia and Hungary.

GLP, an investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies, entered Europe in December 2017 through the acquisition of Gazeley, a developer, investor and manager of European logistics warehouses and distribution parks.

In June, GLP sold its US logistics assets to global alternative assets giant Blackstone Group for a record $18.7 billion, including debt, in what was considered the biggest PE deal in the real estate sector.

GLP has more than $89 billion in assets under management across real estate and private equity segments. Its real estate fund platform is one of the largest in the world, spanning 785 million square feet.

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.