Second closing of GLP Japan Income Fund brings in $5.4b

GLP has completed a second close for its GLP Japan Income Fund (GLP JIF), the largest private open-ended logistics real estate income fund in Japan.

The fund has collected JPY560 billion ($5.4 billion) in capital commitments from more than 20 international and domestic investors to date.

GLP JIF launched in August, with 11 seed assets located in Greater Tokyo and Osaka. GLP said the funds from the second closing will be used to acquire three additional assets in Tokyo, as well as other market opportunities. The combined 14 assets are all newly developed modern logistics totaling more than 1.3 million square meters (14 million square feet) of gross floor area. In addition, the assets are 100 percent leased and include nine LEED Gold and Platinum certified developments.

“We launched GLP Japan Income Fund in response to investor demand for cash yields and access to GLP’s proprietary pipeline of newly developed, income-producing logistics assets,” said Ralf We