has raised RMB2.9bn (鈧�370m) in a single close for its GLP China Income Fund (CIF) II vehicle and has fully seeded the China-focused logistics real estate fund 鈥� which has a total investment capacity of RMB5.8bn 鈥� with 13 assets.
GLP said it raised the equity from four domestic institutional investors, one of whom is new to GLP.
Teresa Zhuge, GLP China鈥檚 executive vice chairman, told 91传媒在线: 鈥淭he launch of GLP CIF II is consistent with several key elements of our strategy, including recycling assets and further growing our fund management platform.
鈥淒emand from institutional investors to partner with GLP in China continues to be strong and we plan to establish additional new income and development funds there.鈥�
Zhuge said GLP was transforming into an 鈥渁sset-light鈥� company from a logistics property owner by selling its mature logistics properties to the funds it formed continuously. These assets remained under GLP management.
鈥淭his (strategy) allows GLP to monetise the assets and invest for expansion,鈥� she said, adding that, over the past three years, GLP had raised nearly US$9bn (鈧�7.4bn) of core and value-add funds in China 鈥� and more than US$20bn globally.
鈥淲e plan to continue acquiring and developing assets through our fund management platform, which allows us to recycle capital from stable, income-producing assets,鈥� Zhuge said. Fund management was 鈥渁n important and growing part of the group鈥檚 business鈥�.
GLP launched GLP CIF I a year ago, and that fund is now fully invested with assets under management totalling US$2.1bn.
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