SINGAPORE: Singapore sovereign wealth fund GIC has partnered logistics facilities provider GLP to set up a US$2 billion (S$2.8 billion) fund to acquire income-generating logistics facilities in China, said the companies in a joint news release on Tuesday (Sep 11).
GLP China is the asset manager and will contribute seed assets to the fund.
Advertisement“We believe high consumption growth, especially of e-commerce, will continue to drive demand for high-quality logistics properties in China," said chief investment officer of GIC Real Estate Lee Kok Sun.
"This venture will enable us, as a long-term value investor, to capitalise on the structural growth of the logistics sector in China."
GLP, on its part, is looking to strengthen its network in China.
"We continue to see significant customer demand for our integrated logistics solutions and look forward to continuing to build our relationship with GIC," said co-founder and CEO of GLP Ming Mei.
AdvertisementAdvertisement[h=3]READ: Chinese group bids S$16 billion for Singapore's GLP[/h]GLP has more than US$50 billion of assets under management across its real estate and private equity segments. It aims to further expand its fund management platform through establishing new funds and increasing its capital recycling initiatives, said the joint news release.
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