Singapore-based GLP has set up a new logistics fund in partnership with state-owned insurer, China Life and agricultural-product producer China Co-Op Group, according to reports.
The fund, dubbed GLP Co-Op Development Fund, will seek to raise as much as 20 billion yuan ($3.14 billion) in capital, and will invest in seven underdeveloped assets across Beijing, the Greater Bay Area and Midwest region of China.
GLP and China Co-Op Group will manage the fund through a joint venture, and China Life will be an anchor investor in the fund.
