It will focus on income-generating logistics facilities in China.
GIC teamed up with logistics firm GLP to establish a US$2b fund in China which will target income-generating logistics facilities in China, an announcement revealed.
“We believe high consumption growth, especially of e-commerce, will continue to drive demand for high-quality logistics properties in China,” GIC Real Estate chief investment officer Lee Kok Sun said.
According to an announcement, GLP China is set to be the asset manager of the fund. It will also pitch in seed assets to the project.
“This fund provides long-term capital to further strengthen our dominant network in China,” GLP co-founder and CEO Ming Mei said.
The deal is in line with GLP’s fund management strategy. The firm has over US$50b ($68.84b) of assets under management across its real estate and private equity segments.
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