Hundred dollar bill. Falling money isolated background. American cash.

FORBES reports:

Singapore-based warehouse developer GLP has set up a $5 billion income fund focused on logistics properties across China, supported by existing as well as new investors including insurance giants AIA and Allianz.

The new fund—called GLP China Income Partners V—recapitalizes a portfolio of assets developed by GLP China Logistics Fund I, which had been set up in 2013 with $1.5 billion in initial capital commitments from institutional investors. The properties now comprise 54 prime logistics facilities with a combined gross floor area of over 5 million square meters across 27 key locations in China.

“GLP CIP V represents a significant milestone for our business and could not have been possible without the hard work and dedication of our team to create a coveted portfolio in one of the most sought-after real estate asset classes,” Teresa Zhuge, executive vice chairman of GLP China, said in a statement on Wednesday. “Logistics continues to prove its resiliency and strong growth potential, and we look forward to continuing to create value for our investors over the long-term.”

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