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Laxman Pai, Opalesque Asia: Logistics real estate investor GLP has held a second close for its GLP Japan Income Fund (GLP JIF), reaching 560 billion yen ($5.4 billion).
GLP JIF, Japan's largest private open-ended logistics real estate income fund, said the new capital was raised from more than 20 international and domestic investors and will be used in part to acquire three assets in Tokyo.
GLP JIF was launched last August and seeded with 11 assets in Greater Tokyo and Osaka said a press release from the global investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies.
Funds from the second close will be used to acquire three additional assets in Tokyo as well as other market opportunities. The combined 14 assets are all newly developed modern logistics totaling over 1.3 million sqm of gross floor area (GFA) and provide long-term stable cash yields to investors. The assets are 100 percent leased and include nine LEED Gold and Platinum-certified developments.
Yoshiyuki Chosa, president of GLP Japan, said "GLP is the market leader in ground-up development and asset management and we have developed a strong pipeline of modern assets in Japan to support our income fund strategies. This year we experienced record high leasing in our logistics business which highlights the team's strong leasing capabilities and the market need driven by rapidly growing e-commerce demand."
Ralf Wessel, managing dir...................... To view our full article Click here
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