Global real estate logistics provider GLP has established the largest ever Japan-focused private real estate fund. On Oct 19, the Singapore-based firm announced it had raised JPB311 billion ($2.75 billion) for GLP Japan Development Partners IV (GLP JDP IV).
This surpasses the previous fundraising record set by its predecessor, GLP JDP III, which raised JPY250 billion in 2018. GLP JDP IV is the fourth fund under GLP's logistics development fund series in Japan.
GLP JDP IV is targeting JPY412 billion of total equity commitments, with assets under management (AUM) expected to reach over JPY1 trillion ($9.1 billion) when fully deployed.
See: GLP raises US$658 mil in green financing led by ING
According to GLP, the fund comprises both existing and new investors from across North America, Asia and the Middle East representing pension funds, sovereign wealth funds and insurance companies. More than 85% of the commitments were made by returning GLP JDP III investors.
“GLP JDP IV will feature our flagship ALFALINK projects which promote supply chain optimization by creating modernized, end-to-end, digitalized solutions to help customers meet complex and rapidly evolving supply chain needs,” says Yoshiyuki Chosa, president of GLP Japan.
Like its predecessor funds, GLP JDP IV will continue to develop environmentally-friendly logistics facilities in Japan with a focus on the prime Greater Tokyo and Greater Osaka regions.
Since inception in 2011, GLP’s Japan development funds have delivered over 2.7 million sq m of developments.
With the establishment of GLP JDP IV, GLP manages over $30 billion AUM of logistics strategies in Japan across five private funds and a listed J-REIT.
Photo: Bloomberg
