GLP Capital Partners Hits $360M Final Closing for 8th China Income Fund

GLP Capital Partners has reached the ultimate closing of the eighth version of its China onshore revenue fund collection, amassing fairness commitments of RMB 2.6 billion ($360 million).

The capital for the long-term car was raised from a bunch of 5 mainland insurance coverage firms, together with new individuals and repeat traders that had invested in earlier onshore RMB funds, the fund administration division of commercial large GLP stated Thursday in a launch. The information comes after GLP Capital Partners introduced the ultimate closings of the sixth and seventh funds within the collection final November with respective commitments totalling $1.05 billion and $743 million.

China Income Fund VIII’s portfolio contains greater than RMB 5 billion price of core logistics property throughout a complete gross flooring space of 870,000 sq. metres (over 9.3 million sq. ft).

“The successful closing of CIF VIII affirms the continued confidence in our capabilities and expertise in managing and operating logistics real estate,” stated Teresa Zhuge, government vice chairman and president for China at GLP Capital Partners. “As a trusted partner of choice, we continue to attract capital from investors seeking access to our proprietary pipeline of high-quality income-producing assets in China, and plan to establish additional funds to capitalise on the demand.”

Asset Management Grows

Located in key logistics hubs together with Shanghai, Guangzhou, Zhongshan, Xiamen, Changsha and Chengdu, CIF VIII’s 9 property have been seeded from GLP’s stability sheet and are leased to firms within the manufacturing, logistics, e-commerce and retail sectors.

Predecessor fund CIF VII drew 13 property from GLP’s stability sheet to serve hubs together with Shanghai, Qingdao, Wuhan and Changsha with a complete leasable space of 800,000 sq. metres, whereas CIF VI was seeded with 20 property throughout 19 cities with a complete leasable space of two.13 million sq. metres.

Since launching its first RMB-denominated technique in 2017, GLP Capital Partners has grown its onshore funds enterprise to RMB 128 billion throughout greater than 20 methods in actual property and personal fairness.

The fund administration arm of Singapore-headquartered GLP oversees $58 billion in China property for greater than 90 institutional non-public capital companions, together with greater than 60 home institutional traders.

C-REIT Developments

In addition to personal capital methods, GLP final month accomplished a RMB 1.85 billion follow-on fairness providing for GLP C-REIT, the primary onshore logistics belief to checklist on the Shanghai Stock Exchange and the fourth C-REIT to efficiently perform a secondary providing.

The proceeds will go to buying a trio of property developed by the belief’s sponsor — particularly GLP Park Qingdao Qianwan Port, GLP Park Jiangmen Heshan and GLP Chongqing Urban Distribution Logistics Centre — increasing the portfolio to 10 property with a complete leasable space of 1.16 million sq. metres.

In March, GLP arch-rival ESR received the inexperienced mild from the Hong Kong inventory change for a proposed spin-off of three mainland logistics tasks and their potential itemizing by way of a C-REIT on the Shanghai bourse.

First introduced final December, ESR’s proposed belief includes the primary three phases of the corporate’s Kunshan Huaqiao Park complicated, totalling greater than 427,000 sq. metres of gross flooring space. The complicated is situated in Kunshan’s Huaqiao city, roughly halfway between Shanghai and Suzhou in jap China’s Jiangsu province.