GLP has raised a further €500m (£444m) for its latest pan-European logistics fund, taking the investment firm past its target to hit €1.6bn.
The latest close on GLP Europe Income Partners II drew in fresh capital from investors in Europe, the Middle East and Asia, having reached its first close last September. The fund will give GLP some €3.2bn of assets under management when fully deployed.
The fund’s seed assets are recently built logistics properties with average occupancy levels of 99% and a weighted average unexpired lease term of almost seven years.
Ralf Wessel, GLP’s managing director for 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.”
Nick Cook, president of GLP Europe, added: “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.”
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