GLP Capital Partners has announced the final closing of its $2.3bn (£1.6bn) North American logistics real estate fund.
The GLP Capital Partners IV fund exceeded its $2bn target, making it the largest ever discretionary closed-end fund focused on North American logistics property.
The fund is capitalised by domestic and international institutional investors, including public and corporate pensions, sovereign wealth funds, insurance companies, asset management firms, endowments and family offices.
Los Angeles-based GLP Capital Partners was established in 2019 by the team responsible for the largest private real estate transaction in history – the $18.7bn sale of the GLP US portfolio in 2019. The team launched GLP Capital Partners as an independent investment manager alongside Modlo, its logistics real estate company.
GLP founder and chief executive Alan Yang said” “We began raising this fund just as the global pandemic changed so much about our economy and daily lives. Our team stayed focused on delivering a compelling value proposition to investors.
“The fundraise is a testament to the demand for logistics real estate driven by accelerating e-commerce.”
At its final closing, the fund was more than 50% committed to investments. Its curated portfolio comprised more than 25m sq ft in markets such as southern California, eastern Pennsylvania, Seattle, Portland and south Florida.
PJT Park Hill acted as placement agent for the fund and Kirkland & Ellis served as legal advisor to GLP.
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
