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 11:32 AM
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





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