Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2022 Event Calendar
    • APAC Residential Forum 2022
    • Asia Logistics Forum 2022
    • Asia REIT Forum 2022
    • APAC Data Centre Forum 2022
    • Singapore Focus Forum 2022
    • Office Strategies Forum 2022
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

GLP Forms $1.6B China Value-Add Warehouse Fund with China Life

2018/02/11 by Greg Isaacson Leave a Comment

Teresa Zhuge GLP

Teresa Zhuge, Vice Chairman of GLP China plans to set up new China income funds

Asia’s largest warehouse developer is teaming up with state-owned insurer China Life to form a new RMB 10 billion ($1.6 billion) value-add fund targetting logistics opportunities in China.

The vehicle marks the first China value-add fund for Singapore-based Global Logistic Properties (GLP), according to an announcement. Subsidiary GLP China is the asset manager and will contribute seed assets to the venture, which will focus on acquiring completed logistics and industrial properties across the country.

Mainland insurance giant China Life is the sole investor in the fund, called GLP China Value-Add Venture I. The deal will expand GLP’s fund management platform to $46 billion, representing a 56 percent annual growth rate since 2011. The Hong Kong arm of M3 Capital Partners Limited acted as exclusive financial advisor to GLP in the formation of the vehicle.

Yardi Proptech Report 2022 Spreadsheet_In story

GLP is the leading warehouse provider in China with some 30 million square metres of modern sheds completed or in development across 38 submarkets.

Warehouse Giant Eyes Completed Assets in China

“This is a very significant transaction for GLP,” commented Teresa Zhuge, Vice Chairman of GLP China. “It is consistent with several key elements of our strategy including recycling assets and further growing our fund management platform. Demand from institutional investors to partner with GLP continues to be strong and we plan to establish additional new income funds in China.”

GLP Changzhou warehouse

GLP’s new fund will purchase completed logistics assets in China

The company has previously set up two China funds, the first of which – China Logistics Fund I (CLF I) – was formed in November 2013 with investment from a group of global institutions, targetting $3 billion of assets under management.

The next in the series, CLF II, closed in May 2015 after bagging $3.7 billion of equity commitments from seven global institutions including national pension and sovereign wealth funds. The fund is expected to reach an investment capacity of $7 billion when fully leveraged.

REIT forum 2022_250 ad

GLP said it plans to continue its capital recycling strategy, after selling off and reinvesting the proceeds from nearly $8.1 billion of assets globally over the last six years. The firm completed a privatisation process last month by delisting from the Singapore exchange.

China Life Boosts Its Bet on Sheds

“The logistics industry is a key cornerstone of China’s economy while GLP has a proven track record and reputation for execution,” China Life said in the statement announcing the newest fund. “We believe in the long-term fundamentals of the industry and look forward to partnering alongside GLP to further advance the logistics ecosystem in China.”

China Life is a long-time investor in GLP both in China and abroad. In February 2014, an anonymous investor believed to be China’s largest insurance company joined Bank of China Group Investment and private equity firm Hopu Funds in a $2.51 billion investment in GLP. Through the deal, the investors took a 34 percent stake in GLP China and ploughed $163 million into the parent company. China Life bills itself as the mainland’s largest commercial insurance group.

2022 Event Calendar House Ad1

Then in late 2015, the company notched its then-largest overseas investment by helping GLP acquire a US logistics portfolio from Denver-based Industrial Income Trust. China Life committed more than $1 billion to buy a 30 percent stake in the 58 million square foot (5.4 million square meter) warehouse horde.

At a news conference in November, China Life vice president Zhao Lijun said the Beijing-based company would boost investment in logistics opportunities in China, among other strategic and emerging sectors.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Logistics Tagged With: China Life Insurance, daily-sp, Featured, GLP, Logistics, Warehouse

Data centre forum 2022 Jumbo

Leave a Reply

Your email address will not be published. Required fields are marked *

Asia Proptech Report 2022 (Special Report)

Get Mingtiandi Delivered

2022 Event Calendar House Ad1

MTD TV

MTD TV Interview with Jeffrey Perlman of Warburg Pincus Now Online
japan btr3
Investors Diversify Japan Multi-Family Acquisitions in Search of Yield: MTD TV

More MTD TV Videos>>

People in the News

Lu Yi Shimao
Asia Real Estate People in the News 2022-06-27
Wu Jianxin Kaisa
Asia Real Estate People in the News 2022-06-20
Graham Mackie Tishman
Tishman Speyer Appoints Graham Mackie to Lead APAC Push Beyond China and India
Antoine Mesnage
AXA IM Alts Appoints Antoine Mesnage as Head of Australia, Promotes 2 Other Execs

More Industry Professionals>>

People in the News

Asia Real Estate People in the News 2022-06-27

Lu Yi Shimao

A senior appointment by one of China’s crew of defaulting privately-controlled developers leads this week’s roundup of … Read More>>

Asia Real Estate People in the News 2022-06-20

Wu Jianxin Kaisa

Top level executive changes at a pair of major mainland real estate companies lead this week’s round-up of personnel … Read More>>

Tishman Speyer Appoints Graham Mackie to Lead APAC Push Beyond China and India

Graham Mackie Tishman

US developer Tishman Speyer has hired industry veteran Graham Mackie as a managing director to lead the firm’s Asia … Read More>>

AXA IM Alts Appoints Antoine Mesnage as Head of Australia, Promotes 2 Other Execs

Antoine Mesnage

AXA IM Alts is shaking up its leadership team Down Under with the appointment of Antoine Mesnage as the French firm’s … Read More>>

More Industry Professionals>>

Latest Stories

Agile Group chairman Chen Zhuolin (Source: Getty Images)
China’s Agile Gets Mezzanine Loan From Hong Kong Tycoons at 20%
Robert Wallace FLCT
Frasers’ FLCT Buying UK Logistics Development From Stoford for $124M
Sime Darby Property managing director, Dato’ Azmir Merican
Logos, Sime Darby Reach First Closing of $250M Malaysia Development Fund

Sponsored Features

Should Proptech Give Us Sleepless Nights?
Hong Kong’s Evolving Commercial Real Estate Landscape
Opportunities in the Greater Bay Area

More Sponsored Features>>

MTD-QR-Code-320

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2022 China Advertising Media Ltd (Samoa). All rights reserved.

"*" indicates required fields

Terms of Use and Privacy Policy*