<article>Singapore’s <a href="https://www.dealstreetasia.com/?s=Global Logistics Properties (GLP)" target="_blank" rel="noopener">GLP</a> has set up its first China value-add fund with a single investor, <a href="https://www.dealstreetasia.com/?s=China Life" target="_blank" rel="noopener">China Life</a>, it announced on Friday.</article>

Singapore’s <a href="https://www.dealstreetasia.com/?s=Global Logistics Properties (GLP)" target="_blank" rel="noopener">GLP</a> has set up its first China value-add fund with a single investor, <a href="https://www.dealstreetasia.com/?s=China Life" target="_blank" rel="noopener">China Life</a>, it announced on Friday.
The fund, GLP China Value-Add Venture I, has total equity commitments of RMB10 billion ($1.6 billion) and will focus on acquiring completed logistics and industrial assets in China, GLP said in a statement.
GLP China is the asset manager and will contribute seed assets to the venture.
Teresa Zhuge, Vice Chairman of GLP China, said: “This is a very significant transaction for GLP. It is consistent with several key elements of our strategy including recycling assets and further growing our fund management platform. Demand from institutional investors to partner with GLP continues to be strong and we plan to establish additional new income funds in China.”
With the latest funding, GLP’s assets under management have expanded to $46 billion globally, which represents an annual growth rate of 56 per cent. Globally, GLP has recycled close to $8.1 billion of assets over the last six years and the company plans to continue its capital recycling strategy, it said.
&#8220;The logistics industry is a key cornerstone of China’s economy while GLP has a proven track record and reputation for execution. We believe in the long-term fundamentals of the industry and look forward to partnering alongside GLP to further advance the logistics ecosystem in China,&#8221; said China life in the statement.
M3 Capital Partners (HK) Ltd acted as exclusive financial advisor to GLP for setting up the new fund.
GLP claims to be the largest owner and operator of modern logistics facilities in China, with a 30 million square meter portfolio across 38 strategic submarkets. Its clientele in China includes companies including BEST Inc., BMW, JD.com and LF Logistics.
In December last year, GLP had also established two new European funds, as part of its recent foray into that continent.
Last month, GLP delisted from the Singapore Exchange, completing a privatisation process that began last summer. The company had agreed to a takeover by Nesta Investment Holdings, the vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke. Singapore state fund GIC, as the single largest shareholder of GLP with a 36.84 per cent stake, had voted in favour of the privatisation.
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With the latest funding, GLP’s assets under management have expanded to $46 billion globally.

Logistics major GLP raises $1.6b for first China value-add fund

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Logistics major GLP raises $1.6b for first China value-add fund

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