Submitted by glpadmin1 on Mon, 08/02/2021 - 15:35

GLP Closes BRL 5.2 Billion Brazil Development Fund

GLP Closes BRL 5.2 Billion Brazil Development Fund

GLP BDP II is one of the largest ever logistics-focused funds in Latin America and will develop nine Class-A logistics parks in prime São Paulo submarkets

Singapore and Toronto, 3 August 2021 – GLP today announced the closing of one of the largest ever logistics-focused funds in Latin America, GLP Brazil Development Partners II (“GLP BDP II”) with BRL 2.63 billion (US$530 million1) of total equity commitments. GLP BDP II’s investors are wholly owned subsidiaries of the Abu Dhabi Investment Authority (“ADIA”) and Canada Pension Plan Investment Board (“CPP Investments”), with CPP Investments allocating BRL 1.04 billion (US$210 million) of equity, representing a 39.6% interest. GLP BDP II is expected to reach BRL 5.2 billion (US$1.1 billion) in assets under management (“AUM”) when fully leveraged and invested.

GLP BDP II will develop nine Class-A logistics parks in prime São Paulo submarkets experiencing high demand for modern logistics facilities, driven by strong growth in e-commerce. The fund is seeded with strategically located sites approximately 30 kilometers from the city center, in submarkets in high demand by e-commerce companies for their proximity and access to greater São Paulo – one of the largest metropolitan populations in the Southern Hemisphere. The first completed project of GLP BDP II is 100% leased to one of the leading e-commerce companies in Latin America.

Ralf Wessel, Managing Director, Fund Management, GLP, said, “with a population of more than 200 million, Brazil is one of the most underserved logistics markets globally and one of the fastest-growing e-commerce markets in the world. This transaction builds-upon our market-leading business in Brazil and provides GLP an opportunity to expand our existing relationships with ADIA and CPP Investments. We are confident in the GLP BDP II strategy and delighted to announce its closing.”

“Logistics is emerging as a top performing real estate sector in Brazil, given the acceleration of e-commerce in city centres like São Paulo,” said Peter Ballon, Managing Director, Global Head of Real Estate, CPP Investments. “We expect the GLP BDP II developments to meet an existing market need for high-quality, well-located assets, and to perform well over the long term as demand for logistics facilities and same-day delivery continues to grow. We have a strong conviction in the sector globally, and in GLP’s ability to execute on behalf of the partners in Brazil.”

GLP is the logistics market leader in Brazil, with ~BRL 14 billion (~US$3.0 billion) in AUM, and GLP BDP II is the firm’s fourth Brazil-focused investment vehicle. GLP leads the Brazil logistics industry with its investment and development capabilities, scale and customer network, as well as its thought leadership and innovation through technology.

About GLP
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 allow us to create value for our customers and investors. We operate across Brazil, China, Europe, India, Japan, the U.S. and Vietnam and have more than US$110 billion in assets under management in real estate and private equity. Learn more at glp.com/global.

About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages its assets in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2021, net assets totalled C$497.2 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

About ADIA
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information: https://www.adia.ae

GLP Media Contact:

Meredith Balenske
SVP, Global Communications & ESG
Tel: +852 6116 6709
Email:
mbalenske@glp.com

GLP Investor Contact:

Craig A. Duffy
Managing Director, Fund Management
Tel: +852 9038 5284
Email:
cduffy@glp.com

CPP Investments Media Contact:

Frank Switzer
Managing Director, Investor Relations
Tel: +1 416-523-8039
Email:
fswitzer@cppib.com

ADIA Media Contact:

Garry Nickson
Media Relations Manager
Tel: +971 2 4156085
Email:
garry.nickson@adia.ae

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.


1Unless otherwise stated, all exchange rates are reported as US$1.00 = BRL4.97, the exchange rate as of 30 June 2021