GLP sets up new European fund to manage 2b euros in AUM

LOGISTICS group GLP plans to manage two billion euros (S$3.14 billion) in assets under management (AUMs) via a new European fund, GLP Continental Europe Development Partners I (GLP CDP I), by partnering QuadReal Property Group and Canada Pension Plan Investment Board (CPPIB), it said on Monday.

The partners are contributing one billion euros in equity to GLP CDP I, which will focus on developing modern logistics facilities in Germany, France, Italy, Spain, the Netherlands and Belgium. CPPIB will contribute 450 million euros of equity to GLP CDP I.

When fully invested, GLP CDP I is expected to reach two billion euros of AUMs. GLP said that the fund will help capture "significant growth opportunities in Europe, given GLP's first two European funds are fully allocated".