GLP Capital Partners has closed its China Income Fund XIII (CIF XIII) with RMB 2.8 billion (鈧�370m) of assets under management (AUM) in partnership with a leading global institutional investor.
The asset management arm of Singapore-headquartered logistics real estate developer and operator GLP said the fund is seeded with several logistics and business park assets from GLP鈥檚 balance sheet. The seed assets are located in strategic logistics and R&D clusters across the Greater Bay Area, the Yangtze River Delta and the Mid-Western Region and serve customers in the third-party logistics, e-commerce, clean energy, pharmaceuticals, technology and high-end manufacturing industries.
Teresa Zhuge, executive vice chairman and chairman of the executive committee of GLP China., said: 鈥淭he successful closing of our newest fund marks continued demand by investors for core income-generating properties oriented to new economy sectors.,鈥� said Teresa Zhuge, executive vice chairman and chairman of the executive committee of GLP China.
鈥淐hina remains one of GLP鈥檚 highest conviction markets and we remain positive on its long-term growth prospects, driven by a large domestic consumption base and supportive government policies,鈥� she said, adding that GLP planned to focus on building and scaling its platforms across our core logistics, digital infrastructure and renewable energy sectors, which offered significant growth opportunities.
GLP鈥檚 vertically integrated business model combines development, value-add asset management and operational capabilities, as well as capital raising. As of September 30, 2024, GLP manages approximately US$79bn (鈧�76bn) AUM in China, working with a global and diverse set of over 110 institutional private capital partners.
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