Global investment manager has raised RMB5.4bn (鈧�736m) for its seventh logistics income fund series in China.
The GLP China Income Fund VII (GLP CIF VII) fund鈥檚 investors include domestic insurance companies including new and existing investors that have previously participated in GLP鈥檚 onshore funds, the manager said.
GLP CIF VII is seeded with 13 modern logistics assets from GLP鈥檚 balance sheet. The 800,000sqm seed assets are located across key logistics hubs including Shanghai, Qingdao, Wuhan and Changsha.
Teresa Zhuge, executive vice chairman of GLP China, said GLP CIF VII is the second income fund in China鈥檚 onshore income fund series to close this quarter which 鈥渄emonstrates the continued confidence our investors have in our ability to generate attractive returns鈥�.
Earlier this month, GLP closed its sixth China income logistics fund with RMB7.6bn in assets under management.
鈥淎s 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,鈥� Zhuge said.
Angela Zhao, co-president of logistics and industrial real estate of GLP China, said: 鈥淐hina鈥檚 supply chains have displayed strong resilience with growing potential even against the macro environment impacted by the pandemic.
鈥淲e see new opportunities emerging from continued digitalisation and efficiency upgrades driven by retail businesses increasingly going online and e-Commerce players sharpening their competitive edge.
鈥淲e remain committed to investing in and enhancing our facilities in China, supporting new economy sectors. Through sustainability-focused smart park and carbon-neutral technologies, we continue to strengthen our long-term partnerships with clients.鈥�
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