GLP Exceeds Target with a €1.6 Billion Equity Raise for GLP Europe Income Partners II
GLP now manages €10 billion of AUM across Europe’s strongest logistics markets
Firm has added approximately $16 billion of AUM to its logistics strategies over the last 12 months
Luxembourg and London, 15 January 2021 – Subsequent to its first closing announcement on 29 September, GLP announced today that it has raised an additional ~€500 million for its pan-European logistics fund, GLP Europe Income Partners II (“GLP EIP II”). The additional capital brings the total equity commitments to approximately €1.6 billion (~US$2 billion), exceeding its original target, and enabling the fund to reach €3.2 billion (~US$3.9 billion) assets under management (AUM) once fully deployed. The additional equity was raised from institutional investment partners across Europe, the Middle East and Asia.
GLP EIP II is seeded with a portfolio of high quality, attractive and well-located logistics assets in Europe as evidenced by occupancy levels of nearly 99 percent. The assets have an average building age of less than five years, modern specifications and the portfolio benefits from a weighted average unexpired lease term of nearly seven years.
Ralf Wessel, GLP managing director, fund management, said: “Since its inception, GLP EIP II has performed exceptionally well, which led to very strong investor demand and we exceeded our fund target. We are pleased to see that our strategy resonates with our existing investors as well as several new investors and we will continue to pursue investments in premium quality assets to deliver attractive returns.”
Nick Cook, president of GLP Europe, said: "GLP Europe has over 30 years of experience investing, developing and operating some of Europe’s highest quality logistics assets and today we have strategically built an extensive footprint across Europe. We expect the European logistics market to accelerate in 2021 and will continue to execute on our disciplined growth strategy to acquire high-quality assets in prime locations.”
In Europe, GLP is one of the longest-standing fully-integrated logistics investors, developers and operators and manages approximately €10 billion (~US$12 billion) of AUM across Europe’s strongest logistics markets. GLP EIP II is the company’s fourth Europe-focused investment vehicle.
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, the U.S. and Vietnam and have US$97 billion in assets under management in real estate and private equity funds. Learn more at glp.com/global
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