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Laxman Pai, Opalesque Asia: In spite of the downturn in China's property market, the global investment manager GLP has raised 5.4 billion yuan (US$743 million) for a fund focusing on the country's logistics sector.
The GLP China Income Fund VII (GLP CIF VII) is the second in its onshore income fund series to close this quarter, said a press release from the real estate investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies.
Investors in the fund include leading domestic insurance companies including new and existing investors that have previously participated in its onshore funds, it said.
The fund is seeded with 13 stabilized modern logistics assets from GLP's balance sheet that are located across key logistics hubs including Shanghai, Qingdao, Wuhan, and Changsha. The total leasable area is 800,000 sqm and serves top customers in the e-commerce, logistics, and retail sectors.
"In line with the company's income fund series, the portfolio is quality core income-generating properties ensuring strong and recurrent cash-flow generation," the release added.
Teresa Zhuge, Executive Vice Chairman of GLP China said: "GLP CIF VII is the second income fund in China's onshore income fund series to close this quarter which demonstrates the continued confidence our investors have in our ability to generate attractive returns".
"As the logistics sector is a fundamental pillar supporting economic growth, w...................... To view our full article Click here
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