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 (β¬562m) fund.
Teresa Zhuge, executive vice chairman of GLP China, told ΒιΆΉΣ³» Real Assets the new fund was the groupβs third China-focused value-add fund in GLPβs logistics real estate series.
She added that GLP CVA III is GLP Chinaβs 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 (β¬4bn).
βThey are single-investor 2018 vintage funds formed with China Life and GIC respectively,β 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 βbiggest and most advanced port-basedβ logistics park in China.
Despite the COVID-19 pandemic, she said 2020 had been the largest-ever fundraising year for the GLP group.
βGlobally, 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,β she said.
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