Global logistics investment manager has raised 楼130bn (鈧�1bn) in the second close of its GLP Japan Income Fund (GLP JIF).
With 楼560bn of assets under management, GLP JIF is now Japan鈥檚 largest private open-ended logistics real estate income fund.
GLP said the new capital was raised from more than 20 international and domestic investors and will be used in part to acquire three assets in Tokyo.
GLP JIF was launched last August and seeded with 11 assets in Greater Tokyo and Osaka.
Its founding investors include Canada Pension Plan Investment Board and , which is believed to be the largest investor in the fund.
Ralf Wessel, GLP managing director of fund management, said: 鈥淲e launched GLP Japan Income Fund in response to investor demand for cash yields and access to GLP鈥檚 proprietary pipeline of newly-developed, income-producing logistics assets.
鈥淭he second close exceeded our initial target offering. We have partnered with some of the best-in-class international and domestic investors in the world.鈥�
Following the latest acquisition, the fund will own 14 newly-developed modern logistics facilities, all fully leased and offering more than 1.3m sqm of gross floor area.
Yoshiyuki Chosa, president of GLP Japan, said: 鈥淲e experienced record-high leasing in our logistics business last year. This highlights the team鈥檚 strong leasing capabilities and the market need, driven by rapidly-growing e-commerce demand.鈥�
Chosa said GLP was the market leader in 鈥済round-up鈥� development and asset management. He added that GLP had established a strong pipeline of modern assets in Japan to support the group鈥檚 income fund strategies.
GLP said that, in response to investor demand, it had added approximately US$15bn (鈧�12.2bn) of assets under management over the past 12 months and launched five new funds.
GLP is a significant investor and the largest developer and operator of modern logistics real estate in Japan, with approximately US$22bn in Japan and US$97bn worldwide.
It is also sponsor and manager of GLP J-REIT, which listed on the Tokyo Stock Exchange in December 2012.
