SINGAPORE Dec 15 Singapore-listed Global
Logistic Properties Ltd (GLP), an owner and operator
of warehouses, said it had established a U.S. fund that will
invest $1.5 billion over three years.
The fund had total equity commitments of $620 million, GLP
said in a statement, adding six leading global institutional
investors from Asia, United States and the Middle East had
committed for a stake of about 90 percent.
GLP is the asset manager of the fund and will retain a stake
of about 10 percent post-syndication.
The fund, GLP'S third for the United States, will hold the
$1.1 billion logistics property portfolio that the company
agreed to buy from Hillwood Development Co in September, GLP
The U.S. fund is the latest in the company's fund management
platform that has grown at a compound annual growth rate of 83
percent over the past five years to $39 billion.
M3 Capital Partners (HK) Ltd advised GLP in the formation of
Earlier this month, the company had said it was undertaking
a strategic review of its business options after receiving a
request from Singapore's sovereign wealth fund GIC Pte, the
firm's largest shareholder.
(Reporting by Aradhana Aravindan; Editing by Amrutha Gayathri)