GLP has established the largest ever Japan-focused logistics private real estate fund – GLP Japan Development Partners III.
Several global investors, including sovereign wealth and pension funds, are investing in the vehicle, which is expected to reach $5.6 billion assets under management when fully invested. Canada Pension Plan Investment Board (CPPIB) will be the cornerstone and largest investor in GLP JDP III.
GLP is a market leader and pioneer of modern logistics facilities in Japan and continues to set the industry benchmark in terms of design and building specifications. Customer demand for GLP’s facilities in Japan remains strong; GLP has leased 13.9 million square feet in Japan since the start of the year, with all of the new development projects GLP Japan started this year fully pre-leased before construction start. GLP’s overall lease ratio in Japan remains high at 99 percent.
“The establishment of the largest ever Japan-focused logistics private real estate fund is a testament to the strength of our team on the ground and the solid track record in acquiring attractive sites in Japan to meet customers’ needs in prime locations. GLP JDP III enables us to continue capturing significant customer demand while further enhancing our ‘Network Effect’,” said Ming Mei, co-founder and CEO of GLP.
GLP JDP III will be seeded with GLP Sagamihara, a $1.2 billion long-term logistics development in Greater Tokyo that will be one of the largest modern logistics parks in Japan when completed. GLP Sagamihara will be developed in phases and ultimately provide more than 7 million square feet of total gross floor area. GLP Japan has had significant pre-leasing demand from customers for this development.
GLP JDP III is a follow-on venture to GLP Japan Development Venture I and II, GLP’s first two Japan development vehicles in partnership with CPPIB. These vehicles have reached full capacity. With the establishment of GLP JDP III, GLP Japan will manage more than $18 billion of AUM across four private equity funds and GLP J-REIT.
