GLP has established a new China fund to invest in a port-based logistics park in Shanghai.
The closed-end GLP China Value-Add Venture III (CVA III) fund held a single closing to create a RMB4.5bn (鈧�562m) fund.
Teresa Zhuge, executive vice chairman of GLP China, told 91传媒在线 the new fund was the group鈥檚 third China-focused value-add fund in GLP鈥檚 logistics real estate series.
She added that GLP CVA III is GLP China鈥檚 first RMB offshore-and-onshore parallel fund.
The first two funds in the GLP value add series, GLP CVA and GLP CVA II, have combined assets under management of US$4.9bn (鈧�4bn).
鈥淭hey are single-investor 2018 vintage funds formed with China Life and GIC respectively,鈥� Zhuge said.
The latest fund is fully-seeded with GLP Park Lingang in Shanghai. Zhuge said there was further build-out potential in the asset, which was the 鈥渂iggest and most advanced port-based鈥� logistics park in China.
Despite the COVID-19 pandemic, she said 2020 had been the largest-ever fundraising year for the GLP group.
鈥淕lobally, the company has added in excess of US$12bn in managed assets, with the launch of six new funds in its real estate and private equity strategies,鈥� she said.
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