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GIC has partnered logistics facilities provider GLP to establish a US$2 billion fund focused on acquiring income-generating logistics facilities in China.
Serving as the asset manager, GLP China will contribute seed assets to the fund.
“We believe high consumption growth, especially of e-commerce, will continue to drive demand for high-quality logistics properties in China,” said GIC Real Estate chief investment officer Lee Kok Sun.
He noted that the venture will enable GIC, as a long-term investor, “to capitalise on the structural growth of the logistics sector in China”.
GLP co-founder and CEO Ming Mei, on the other hand, noted that the fund provides “long-term capital to further strengthen our dominant network in China”.
“We continue to see significant customer demand for our integrated logistics solutions and look forward to continuing to build our relationship with GIC,” he said.
With more than US$50 billion of assets under management in its real estate and private equity segments, GLP is looking to expand its fund management platform by establishing new funds as well as increasing its capital recycling initiatives.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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