Allianz commits US$600m to GLP's China, Japan logistics funds

You are here : Home » News » Allianz commits US$600m to GLP's China, Japan logistics funds

Allianz Real Estate, the property arm of the German insurer, has committed US$600m to GLP‘s logistics development funds in China and Japan, as the firm bolsters its warehouse portfolio in the region.

The funds focus on developing modern, large-scale logistics facilities across China and in the Greater Tokyo and Osaka regions in Japan, according to announcements. 

Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said the firm believed in the long-term fundamentals of the Asia-Pacific region.

Rushabh Desai (image: Allianz Real Estate)

“Our approach has been to build scalable relationships with best-in-class local operators in each of the markets and we are excited about partnering with GLP, a leading investment manager with deep operational expertise in the logistics sector across the region,” he said.

“This partnership is a strong strategic fit, leveraging Allianz Real Estate’s reputation and history as an investment and asset manager for real estate and GLP’s investment expertise, operational excellence and global scale,” noted GLP co-founder and CEO Ming Mei.

The new partnership follows a string of recent investments made by Allianz Real Estate across the region, growing its Asian business by more than a third to US$3.4bn (€3bn) in 2018.

Late last year, the firm partnered with pan-Asian industrial specialist ESR to create a US$1bn logistics platform in India and purchased a 50% stake in a 375,000 sq.m. logistics portfolio in China from Gaw Capital Partners and Vialog China.

In December last year, GLP launched the largest-ever Japan-focused logistics private real estate fund, setting out to reach JPY625bn (US$5.6bn) once fully invested.

GLP is a Singapore-headquartered investment manager specialised in real estate and related logistics technology investments with US$64bn of assets under management.

Headquartered in Munich and Paris, Allianz Real Estate is a real estate investment manager with €63.5bn (US$71.1bn) of AUM.