GLP closes one of the largest logistics funds in Latin America

GLP has closed one of the largest-ever logistics-focused funds in Latin America with BRL 2.63 billion ($530 million) of total equity commitments.

The fund, GLP Brazil Development Partners II (GLP BDP II), will develop nine class A logistics parks in prime São Paulo submarkets experiencing high demand for modern logistics facilities. The fund is seeded with sites strategically located 30 kilometers (18.6 miles) from the city center, in submarkets that are in high demand by ecommerce companies.

“Logistics is emerging as a top performing real estate sector in Brazil, given the acceleration of ecommerce in city centers like São Paulo,” said Peter Ballon, managing director, global head of real estate, at CPP Investments. “We expect the GLP BDP II developments to meet an existing market need for high-quality, well-located assets, and to perform well over the long term as demand for logistics facilities and same-day delivery continues to grow.”

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