GLP launches US$2 billion China Logistics Fund with Singapore’s GIC
To boost income-generating logistics facilities in China, GLP, a global provider of modern logistics facilities and technology-led solutions launched a US$2 billion China fund in partnership with Singapore sovereign wealth fund GIC.
The new venture aims to establish a new fund in China and tap into the growing demand for warehousing fueled by a boom in e-commerce and domestic consumption.
Ming Mei, Co-Founder and CEO of GLP, said: “This fund provides long-term capital to further strengthen our dominant network in China. We continue to see significant customer demand for our integrated logistics solutions and look forward to continuing to build our relationship with GIC.”
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said: “We believe high consumption growth, especially of e-commerce, will continue to drive demand for high-quality logistics properties in China. This venture will enable us, as a long-term value investor, to capitalise on the structural growth of the logistics sector in China. We look forward to partnering with GLP, a leading operator and developer of logistics assets, to acquire income-generating logistics assets across China.”
GLP is the fund’s asset manager and will contribute seed assets to the fund. The focus for this fund will be existing income-generating facilities in China.
GLP is the largest owner of logistics facilities in China. Its 30 million square metres of modern sheds focus on domestic consumption. That accounts for roughly half of their global business. The company caters to industries ranging from e-commerce, to third party logistics providers, retailers and manufacturers.
As the leading global provider of modern logistics facilities and technology-led solutions, GLP (www.glprop.com) has over US$50 billion in assets under management across its real estate and private equity segments. The Company’s real estate fund platform is one of the largest in the world, spanning 62 million square meters (667 million square feet) globally.
