GLP, provider of modern logistics facilities and technology-led solutions, is partnering with GIC, Singapore’s sovereign wealth fund, to establish a new fund in China. The US$2 billion USD-denominated value-add venture will focus on income-generating logistics facilities in China. GLP China is the asset manager and will contribute seed assets to the fund.
Ming Mei, Co-Founder and CEO of GLP, said: “This 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.”
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said: “We believe high consumption growth, especially of e-commerce, will continue to drive demand for high-quality logistics properties in China. This venture will enable us, as a long-term value investor, to capitalise on the structural growth of the logistics sector in China. We look forward to partnering with GLP, a leading operator and developer of logistics assets, to acquire income-generating logistics assets across China.”