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Laxman Pai, Opalesque Asia: Asia's largest warehouse developer Global Logistic Properties (GLP) has launched a new $2.1bn Chinese logistics fund focusing on stabilised, income-generating properties, as the firm continues to recycle capital in the country.
The vehicle, GLP China Income Partners I, marks the Singapore-based company's third fund dedicated to recycling capital in China. The fund is backed by a group of leading domestic institutional investors, with GLP China acting as the fund and asset manager, the firm announced.
GLP CIP I will be the third vehicle to recycle capital in China and it is expected to invest in around three million square meters of modern logistics assets in prominent locations in approximately 20 cities across China.
Driven by increasing domestic consumption levels, e-commerce, logistics and related industries in China are growing rapidly, and as a result, China has become one of the most influential logistics markets in the world.
Teresa Zhuge, Executive Vice Chairman of GLP China, said: "The establishment of GLP China Income Partners I is consistent with GLP's strategy to further expand its fund management platform through establishing new funds and increasing its capital recycling initiatives. Over the past two years, GLP China has raised nearly US$7 billion of income funds, which is a testament to the continued confidence our investors have in GLP's fund management strategy and operational capabilities."
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