New Jersey invests in new China logistics fund
The $73.67 billion New Jersey Division of Investment has approved a $75 million commitment to GLP China Logistics Fund I, a $1.5 billion fund managed by Singapore-based industrial real estate developer GLP China Logistics, at it Sept. 13 meeting.
The opportunistic fund is GLP’s first China-focused real estate fund. It targets the development of class A industrial real estate assets throughout mainland China. The fund presents an opportunity for the pension fund to develop modern logistic facilities at attractive yields where a lack of supply exists in China’s key markets.
GLP committed $750 million, or 51 percent, of the total capital commitments to the fund, marking the largest co-investment in one of its funds to date. The commitment also amounts to approximately 42 percent of the firm’s cash assets as of June 30.
GLP is one of the world's leading industrial and logistics infrastructure provider