GLP Capital Partners sets up 3 billion yuan China income fund

GLP Capital Partners (GCP) has closed its China Income Fund XI, which comprises three billion yuan (S$555.5 million) of assets under management.

The latest onshore income strategy increases the total domestic capital raised by the alternative asset manager in 2023 to over 16 billion yuan, the company said on Wednesday (Dec 27).

The fund, which was done in partnership with a domestic insurance institution, was seeded with four logistics parks from GLP’s balance sheet. They have a total leasable area of 540,000 square metres (sq m) and are located in Shanghai, Jinan and Harbin.

The parks also incorporate features such as rooftop photovoltaic systems, electric vehicle charging stations and LED lighting, GLP Capital Partners noted.

GCP was born in 2011 when major Asian logistics operator GLP established its fund management platform. In the year to date, GCP has set up five new unlisted income strategies in China. It has injected over 2.6 million sq m of matured GLP balance sheet assets into these GCP-managed funds.

GLP China president Teresa Zhuge said: “We continue to see outsized demand from domestic institutions and insurance companies for our proprietary pipeline of high-quality logistics and industrial assets and look forward to deepening our partnerships with them to support their long-term real estate investment goals.”