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Fundraising - DECEMBER 15, 2016

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GLP raises $620m for US industrial fund

by Andrea Waitrovich

Singapore-based Global Logistic Properties has launched GLP U.S. Income Partners III with total equity commitments of $620 million. With leverage, GLP U.S. Income Partners III is expected to invest $1.5 billion over three years.

Six institutional investors from Asia, the Middle East and the United States have made commitments for a stake of approximately 90 percent. GLP is the asset manager and will retain a stake of approximately 10 percent post-syndication.

In September 2016, GLP agreed to acquire a $1.1 billion U.S. logistics portfolio from Hillwood. These assets will be held by GLP U.S. Income Partners III.

An initial $700 million portfolio will be acquired this month, with a further $400 million of identified pipeline assets to be acquired in phases upon satisfaction of stringent lease-up metrics. As the asset manager, GLP has a $400 million mandate for acquisitions in the United States that satisfy the fund’s investment criteria.

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