GLP closes European logistics fund with €1.1bn committed

Industrial property giant GLP has closed its pan-European logistics fund, GLP Europe Income Partners II with €1.1 billion of equity commitments.

The firm said that investors in the fund comprise both new and existing institutional investor partners.

GLP has seeded the fund (GLP EIP II), with a 1.9 million sq m portfolio of income-producing assets. These have mainly been sourced off-market and are located in 25 established locations in nine countries.

They have an average age of less than five years and a weighted average unexpired lease term of nearly seven years.

GLP triples assets under management since 2017

GLP said the portfolio has performed “exceptionally well” throughout 2020, with nearly 100,000 sq m of new lettings which have increased occupancy to over 97%.

GLP EIP II will continue to acquire logistics assets across Europe’s prime locations, the firm said.

“Since entering the European market in 2017, GLP has tripled its assets under management and strategically expanded its presence to meet investor demand and support its disciplined growth strategy. In 2020, GLP added close to $9 billion across our logistics strategies globally, signifying strong investor confidence in our investment and operating expertise,” said Ralf Wessel, GLP managing director, fund management.

GLP has €9 billion assets under management in Europe.