GLP has doubled the assets under management target for its GLP Continental Europe Development Partners I fund to €4bn (£3.4bn) and is eyeing new deals in the UK.
GLP launched the fund in 2018 with Canada Pension Plan Investment Board and QuadReal Property Group, targeting €2bn in AUM.
The fund has so far focused on deals in Germany, France, Italy, Spain and the Netherlands. That geographic scope will now broaden to include the UK and eastern Europe.
The upsize will see Canada Pension Plan Investment Board’s CPP Investments commit €900m of equity, representing a 45% share of the venture. QuadReal has committed €800m, or 40%, with the remaining 15% held by GLP.
GLP fund management director Ralf Wessel said: “Our investment pipeline is considerably ahead of schedule and we are seeing strong demand for our developments, reflecting attractive fundamentals for logistics development across all major hubs in Europe.”
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