GLP raises $2.3B for logistics property fund

Firm has committed to 25M sf of investments in Southern California, South Florida and across US

National /
Jul.July 29, 2021 12:30 PM
GCP CEO Alan Yang (Getty, GCP)

GCP CEO Alan Yang (Getty, GCP)

GLP Capital Partners has raised $2.3 billion for its logistics property fund, exceeding its goal in a sector that gained strength throughout the pandemic and remains hot.

The company announced the final close of GLP Capital Partners IV on Wednesday, saying its target raise had been $2 billion.

The North American fund has already committed more than $1 billion to 25 million square feet worth of properties, including those in Southern California and South Florida, the company said. It will also focus the remaining amount on assets in the U.S.

GLP Capital Partners IV is believed to be the largest fund ever in the continent for logistics assets, according to Commercial Property Executive, which first reported the close. Company founder and CEO Alan Yang said it showed “the demand for logistics real estate driven by accelerating e-commerce.”

The fund received capital commitments from U.S. and international entities, including sovereign wealth funds, asset management firms and family offices.

The industrial sector and logistics properties in particular picked up strength during the pandemic, in large part from enormous demand from Amazon and other e-commerce providers.

Duke Realty and CBRE Global Investors formed a joint venture aimed at logistics assets, according to the CRE report. The duo recently paid $157 million for a portfolio of assets covering 1.3 million square feet.

And a unit of construction giant Clayco is launching a logistics fund, having already raised $100 million in the last few months, and eyeing $350 million more, according to Crain’s.

[CRE] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Napa Valley hot-air-balloon business lists for $12M
    Napa Valley hot-air-balloon business lists for $12M
    Napa Valley hot-air-balloon business lists for $12M
    A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
    Nebraska lawmakers mull digging $1B recreation lake
    Nebraska lawmakers mull digging $1B recreation lake
    Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
    Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
    Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
    Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
    Soloviev bets long-dormant Midtown East site in casino sweepstakes
    Soloviev bets long-dormant Midtown East site in casino sweepstakes
    CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
    Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
    Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
    PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
    Wall Street is bidding up housing stocks again
    Wall Street is bidding up housing stocks again
    Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
    Empire Capital, partners close on $320M deal for 1330 Sixth Ave
    Empire Capital, partners close on $320M deal for 1330 Sixth Ave
    Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
    Urban Commons puts FiDi hotel into bankruptcy
    Urban Commons puts FiDi hotel into bankruptcy
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...