GLP, a Singapore-based logistics real estate fund manager, has racked up RMB 5.4 billion ($755 million) in assets under management for its seventh China logistics income fund in less than three weeks after closing its precursor fund.
GLP China Income Fund VII is seeded with 13 stabilised assets in China’s logistics hub across Shanghai, Qingdao, Wuhan, and Changsha from GLP’s balance sheet, according to a statement on Friday. With a total leasable area of 800,000 square metres, warehouses under the portfolio of the yuan-denominated fund will serve customers in the e-commerce, logistics, and retail sectors.
Domestic insurance companies are among the new and existing investors in the fund.
GLP China income fund
| Announcement date | Fund | Amount raised | Number of assets | Strategy | Domicile |
|---|---|---|---|---|---|
| Nov 25, 2022 | GLP China Income Fund VII (GLP CIF VII) | RMB 5.4 billion ($755 million) | 13 | Core-plus | Onshore (RMB) |
| November 7, 2022 | GLP China Income Fund VI (GLP CIF VI) | RMB 7.6 billion (~$1.05 billion) | 20 | Core-plus | Onshore (RMB) |
| July 6, 2022 | GLP China Income Partners V (GLP CIP V) | Undisclosed | 54 | Core | Offshore (USD) |
| November 18, 2021 | GLP China Income Fund IV (GLP CIF IV) | RMB 5.4 billion (~$748 million) | Undisclosed | Core-plus | Onshore (RMB) |
| July 28, 2021 | GLP China Income Fund III (GLP CIF III) | RMB 4.5 billion (~$700 million) | 11 | Core-plus | Onshore (RMB) |
| April, 2021 | GLP China Income Fund II (GLP CIF II) | RMB 5.8 billion (approximately $900 million) | 13 | Core-plus | Onshore (RMB) |
| April 20, 2020 | GLP China Income Fund I (GLP CIF I) | RMB 15 billion (~$2.1 billion) | 34 | Core-plus | Onshore (RMB) |
| Total | 6,253,000,000 | 145 |
Source: GLP, DealStreetAsia
The group’s latest fund is part of the 2019-vintage China logistics income fund series which has accumulated over $6 billion in amount raised, with 145 assets under its portfolio. Its predecessor fund GLP China Income Fund VI closed at RMB 7.6 billion ($1.05 billion) earlier this month.
“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,” said Teresa Zhuge, Executive Vice-Chairman of GLP China.
“As the logistics sector is a fundamental pillar supporting economic growth, we continue to see strong investor demand and are able to accelerate asset monetisation and capital recycling to expand our investment in best-in-class logistics infrastructure.”
The news comes three days after the logistics giant announced that it has bagged $1.2 billion in the first close of its fourth China value-add logistics fund with equity commitment from APG Asset Management, an investment arm of the eponymous Dutch pension fund.