GLP fund reaches €1.6B

GLP fund reaches €1.6B

According to the release issued by GLP, the additional capital brings the total equity commitments to approximately 1.6 billion euro exceeding its original target and enabling the fund to reach 3.2 billion euro in assets under management (AUM) once fully deployed.

The additional equity was raised from institutional investment partners across Europe, the Middle East and Asia revealed the document.

This fund has a portfolio with «high quality, attractive and well-located logistics assets in Europe as evidenced by occupancy levels of nearly 99 per cent», guaranteed GLP. The assets have an average building age of fewer 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 euro of AUM across Europe’s strongest logistics markets. GLP EIP II is the company’s fourth Europe-focused investment vehicle.

Presence in Spain

Spain is one of the European countries where GLP is presented. Amongst the development projects recently announced by the company, is a 30.000 sqm platform to be developed in Villaverde, one of Madrid’s districts, and delivered in 2021.

GLP, which up until the middle of last year acted in Spain as Gazeley, has already acquired a total of 5 assets within the country, located in Valencia, Valls (Tarragona), Guadalajara, Pinto (Madrid) and Villaverde (Madrid), revealed newspaper Eje Prime.

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