GLP expands platform in Brazil to $3.7b
Global Logistics Properties has announced the expansion of its Brazil platform, with investments in GLP Brazil Income Partners II and GLP Brazil Development Partners I, which increased the firm’s assets under management in Brazil to $3.7 billion from $1.5 billion.
GLP retains a 40 percent stake in GLP BIP II, with the Canada Pension Plan Investment Board and another North American institutional investor each taking approximately a 30 percent stake. GLP BIP II comprises approximately 9.6 million square feet of high-quality logistics assets located in São Paulo and Rio de Janeiro. The vehicle acquired a portfolio of Brazilian assets from BR Properties S.A. GLP is expected to receive net cash proceeds of approximately $388 million from the transfer of assets into GLP BIP II.
In addition, GLP BDP I expanded by $400 million to $1.5 billion. GLP owns 40 percent of GLP BDP I, with CPPIB and Singapore’s GIC holding 39.6 percent and 20.4 percent, res