GLP launches $5.6bn Japan logistics fund

Global logistics giant GLP has set up a Japan-focused fund which is expected to reach $5.6bn (£4.4bn) when fully invested. Canada Pension Plan Investment Board will be the largest investor in GLP JDP III. Since the start of 2018, GLP has 13.9m sq ft in Japan, with all of the new development projects GLP Japan started this year fully pre-leased before construction start. Ming Mei, co-founder and chief executive of GLP, said: “The establishment of the largest-ever Japan-focused logistics private real estate fund is a testament to the strength of our team on the ground and the solid track record in acquiring attractive sites in Japan to meet customers’ needs in prime locations. GLP JDP III enables us to continue capturing significant customer demand while further enhancing our ‘Network Effect’.” GLP JDP III will be seeded with GLP Sagamihara, a S$1.2bn (£692m) long-term logistics development in Greater Tokyo. GLP Sagamihara will be developed in phases and ultimately provide more than 7m sq ft of total gross floor area. GLP JDP III is a follow-on venture to GLP Japan Development Venture I and II, GLP’s first two Japan development vehicles in partnership with CPPIB. These vehicles have reached full capacity. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette Photo: BROKER/REX/Shutterstock