GLP Closes on $281M China Income Fund

Industrial developer and investment manager GLP on Monday announced the closing of its latest mainland China income fund with RMB 2 ($281 million) in assets under management.

GLP China Income Fund XIV is a partnership with a leading global institutional investor, the Singapore-based firm said in a release. The vehicle is seeded with five stabilised logistics and business park assets from its balance sheet, GLP said.

The milestone comes nine months after the Asian warehouse specialist reached the closing of its 13th mainland China income fund with RMB 2.8 billion ($380 million) in AUM. Late last month, GLP announced RMB 2.5 billion in investment from Zhejiang government entities and a capital commitment of up to $1.5 billion from the Abu Dhabi Investment Authority.

“We are pleased to complete another successful fundraise for our onshore income fund strategy, in line with our asset-light strategy of growing funds under management,” said GLP China vice chairman Teresa Zhuge. “Institutional investors continue to appreciate the resilience of China’s logistics sector in China as well as the quality of GLP’s assets and we look forward to continuing to create value for our investors over the long-term.”

Asset Sales Continue

CIF XIV’s seed assets are located in core cities in the southern, eastern and central regions of China, and serve domestic consumption-focused customers in third-party logistics, e-commerce, automobile-related industries, according to GLP. 

The company framed the fundraise as a bet on warehouse demand in China having adequate resilience to endure the latest trade wars.

Express delivery volume in China, a key indicator of warehouse demand, has continued to expand at approximately 20 percent annually, said GLP citing data from the State Post Bureau.

Tenants across China took up 5.1 million square metres more of warehouse space than they gave back in the first six months of 2025, marking a historical high, as landlords compromised on price to achieve volume, CBRE said in a recent research report. Warehouse rents declined 3.6 percent nationwide in the April through June period from the previous quarter while vacancy improved by 1.4 percentage point to 19.3 percent.

In March, GLP completed the sale of its fund management business outside of China to US private equity firm Ares Management in a more than $5 billion deal. Following the transaction, GLP managed $80 billion in assets with $6 billion in unimplemented capital in its funds. 

GLP retained its existing stakes in the ex-China funds now managed by Ares and also invested in the Los Angeles-based firm’s first Japan data centre fund, which reached a $2.4 billion final closing in June.

Bringing in More Partners

Late last month, GLP revealed that it had secured RMB 2.5 billion in investment from Zhejiang government entities in exchange for a strategic stake in the firm’s China data centre business.

That tie-up marked the first milestone in a comprehensive partnership GLP is developing together with the Zhejiang government after agreeing to a strategic alignment with the provincial authorities in April, the company said.

On the heels of announcing the Zhejiang partnership, GLP said it secured a capital commitment from the Abu Dhabi Investment Authority of up to $1.5 billion to support its next phase of growth.

ADIA, which is already an existing partner in GLP funds, will invest an initial $500 million in the company to help expand its logistics, digital infrastructure and renewable energy platforms, the companies said.

In April, GLP announced the closing of its first China data centre fund with RMB 2.6 billion in assets under management.