GLP Europe Raises €1.1 billion for First Close of GLP Europe Income Partners II
Fund seeded with 1.9 million sqm of prime European logistics real estate assets GLP’s second pan-European income logistics fund closed within 30 days of GLP JIF, Japan’s largest private open-ended logistics real estate income fund
Luxembourg and London, 29 September 2020 – GLP announced today the first close of its newly established pan-European logistics fund, GLP Europe Income Partners II (“GLP EIP II”), with €1.1 billion of equity commitments. The investors in GLP EIP II comprise both new and existing global institutional investor partners.
GLP EIP II is seeded with a prime pan-European logistics real estate portfolio of income-producing assets, largely sourced off-market, and totalling 1.9 million sqm across 25 established logistics locations in nine countries. With an average age of less than five years, the seed assets have superior specifications and benefit from a weighted average unexpired lease term of nearly seven years. The portfolio has performed exceptionally well throughout 2020, with nearly 100,000 sqm of new leasing growing occupancy to over 97 percent. GLP EIP II will continue to acquire logistics assets across Europe’s prime locations while delivering superior risk-adjusted returns for investors.
Ralf Wessel, GLP managing director, fund management, said: “Since entering the European market in 2017, GLP has tripled its assets under management and strategically expanded its presence to meet investor demand and support its disciplined growth strategy. In 2020, GLP added close to US$9 billion across our logistics strategies globally, signifying strong investor confidence in our investment and operating expertise.”
Nick Cook, president of GLP Europe, said: „GLP Europe Income Partners II demonstrates the continuing strength of the European logistics market driven by consumption, e-commerce and supply chain modernization. Over the past two years, our experienced on-the-ground team has executed more than 20 off-market transactions to create a truly pan-European logistics platform and support our disciplined growth strategy.”
In Europe, GLP is one of the longest-standing fully-integrated logistics investors, developers and operators and manages €9 billion (US$10 billion) of AUM across Europe’s strongest logistics markets. GLP EIP II is the company’s fourth Europe-focused investment vehicle and follows US$2.6 billion GLP Japan Income Fund (“GLP JIF”), Japan’s largest private open-ended logistics real estate income fund, which was launched in August 2020.
GLP is a leading global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies. Our combined investing and operating expertise allows us to create value for our customers and investors. We operate across Brazil, China, Europe, India, Japan, and the U.S. and have US$89 billion in assets under management in real estate and private equity funds. Learn more at glprop.com.
Managing Director, Fund Management
Tel: +852 3959 7009
Email: [email protected]
SVP, Global Communications
Tel: +852 6116 6709
Email: [email protected]
Europe Investor Contact:
Daan van den Hoven
Head of Fund Management & Capital Deployment, Europe
Tel: +31 615 880183
Email: [email protected]
This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words „expects,” „believes,” „anticipates,” „plans,” „may,” „will,” „should,” “intends,””foresees,” “estimates,” “projects,” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.