GLP Closes $4B in European Funds
- Aug 23, 2018
GLP, a Singapore-based provider of modern logistics facilities and technology-led solutions, has closed GLP Europe Income Partners I and GLP Europe Development Partners I, totaling $4 billion.
A variety of investors—which include sovereign wealth funds, property firms, pension plans and insurance companies from North America, Europe, Asia and the Middle East—have all invested in the two funds. These include Korea Fire Officials Credit Union, QuadReal Property Group, Oxford Properties and Tesco Pension Investment.
“We are pleased to further grow our fund management platform and welcome new partners while strengthening existing long-term investor relationships. Demand from institutional investors to partner with GLP remains strong and we plan to establish additional funds across Europe,” said Ming Mei, co-founder & CEO of GLP, in a prepared statement.
GLP established the funds in December of last year, in conjunction with the company’s acquisition of Gazeley, a developer, manager and investor with a focus on logistics warehouses and distribution parks in Europe. The platform encompasses a 17 million-square-foot operational portfolio and a 16 million-square-foot development pipeline in the UK, France, Germany and the Netherlands.
“Ownership by GLP has made our business stronger than ever, and we are in a great position to capitalize on the ongoing opportunities in the evolving European logistics real estate market,” Nick Cook, CEO of Gazeley, told Commercial Property Executive.
In March, GLP signed new leases representing a total of 9.3 million square feet of logistics and warehouse space worldwide during the fourth quarter of 2017.
Image courtesy of GLP