GLP launches US$5.6bn Japanese logistics fund

Warehouse investor and developer GLP has launched the largest-ever Japan-focused logistics private real estate fund, setting out to reach JPY625bn (US$5.6bn) once fully invested.

Several investors, including cornerstone backer Canada Pension Plan Investment Board, have invested in the new GLP Japan Development Partners III fund, according to an announcement. 

GLP JDP III will start its portfolio off with the US$1.2bn GLP Sagamihara logistics development in greater Tokyo, with plans to grow to more than 650,000 sq.m. over the long term.

“The establishment of the largest ever Japan-focused logistics private real estate fund is a testament to the strength of our team on the ground and the solid track record in acquiring attractive sites in Japan to meet customers’ needs in prime locations,” said GLP CEO and co-founder Ming Mei.

The fund follows on from two predecessors that were also in partnership with CPPIB.

“This new fund builds on the success of our earlier programs and underscores our long-term commitment to investing in Japan,” said Jimmy Phua, managing director and head of real estate investment Asia at CPPIB.

The latest vehicle grows GLP’s exposure to the Japanese market to more than US$18bn.

The logistics specialist has also let 1.3m sq.m. in the country since the start of the year.

GLP has over US$60bn of assets under management.

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