CHICAGO—As it prepares to close on the first tranche of a $1.1-billion logistics portfolio acquisition, GLP has established its third US fund with total equity commitments of $620 million. GLP US Income Partners III is expected to make $1.5 billion in acquisitions over three years, including the portfolio it's acquiring from Hillwood Development Co. LLC.
Six leading global institutional investors from Asia, the US and the Middle East have committed to the fund for a stake of approximately 90%. GLP is the asset manager and will retain a stake of approximately 10% post-syndication.
“Our US fund management platform continues to perform strongly,” says Ming Z. Mei, CEO of GLP. “Capital raising for our third US fund exceeded our expectations. We saw strong support from new and existing institutional investors, which is testament to our strong track record as an asset manager and strong investor demand for high quality US logistics real estate.”
GLP says the initial $700-million tranche of the Hillwood portfolio will be acquired by the end of this month. The remaining $400 million of assets in the portfolio will be acquired in phases upon completion and lease-up.
Partnering with GIC Pte. Ltd., Singapore's sovereign wealth fund, GLP entered the US market with its $8.1-billion acquisition of the Blackstone Group's IndCor Properties platform, a deal that closed in February 2015. It followed up that deal with the $4.55-billion buy of a 100-property portfolio from Industrial Income Trust the following September. When all is said and done, the Hillwood deal will add another 15 million square feet of logistics space to what's currently a 173-million-square-foot domestic portfolio.
Currently, GLP is the second largest logistics owner/operator in the US, and the market leader in China, Japan and Brazil. M3 Capital Partners (HK) Ltd. is acting as exclusive financial advisor to GLP in connection with the formation of GLP US Income Partners III.
CHICAGO—As it prepares to close on the first tranche of a $1.1-billion logistics portfolio acquisition, GLP has established its third US fund with total equity commitments of $620 million. GLP US Income Partners III is expected to make $1.5 billion in acquisitions over three years, including the portfolio it's acquiring from Hillwood Development Co. LLC.
Six leading global institutional investors from Asia, the US and the Middle East have committed to the fund for a stake of approximately 90%. GLP is the asset manager and will retain a stake of approximately 10% post-syndication.
“Our US fund management platform continues to perform strongly,” says Ming Z. Mei, CEO of GLP. “Capital raising for our third US fund exceeded our expectations. We saw strong support from new and existing institutional investors, which is testament to our strong track record as an asset manager and strong investor demand for high quality US logistics real estate.”
GLP says the initial $700-million tranche of the Hillwood portfolio will be acquired by the end of this month. The remaining $400 million of assets in the portfolio will be acquired in phases upon completion and lease-up.
Partnering with GIC Pte. Ltd., Singapore's sovereign wealth fund, GLP entered the US market with its $8.1-billion acquisition of the Blackstone Group's IndCor Properties platform, a deal that closed in February 2015. It followed up that deal with the $4.55-billion buy of a 100-property portfolio from Industrial Income Trust the following September. When all is said and done, the Hillwood deal will add another 15 million square feet of logistics space to what's currently a 173-million-square-foot domestic portfolio.
Currently, GLP is the second largest logistics owner/operator in the US, and the market leader in China, Japan and Brazil. M3 Capital Partners (HK) Ltd. is acting as exclusive financial advisor to GLP in connection with the formation of GLP US Income Partners III.
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