GLP gets US$26 million cash from co-investor into its fund

Global Logistic Properties’ assets in Miami, Florida.
Global Logistic Properties’ assets in Miami, Florida. PHOTO: GLOBAL LOGISTIC PROPERTIES

SINGAPORE - Mainboard-listed Global Logistic Properties (GLP) said it has received US$26 million (S$37.7 million) cash injection from another co-investor into a fund established earlier this month.

The fund - GLP US Income Partners III - was established to hold a newly acquired US$1.1 billion logistics portfolio from Dallas-based developer Hillwood.

The further syndication corresponds to approximately 8.1 per cent of the aggregate capital contributions made to the fund.

GLP through its indirect wholly-owned subsidiary, New Harvest Holdings LLC, and six institutional investors have committed US$620 million of equity to the fund.

Following this, the interest of New Harvest Holdings in the fund and its subsidiaries has been reduced from about 90.3 per cent to 82.2 per cent.

GLP is the second largest logistics property owner and operator in the US with a footprint of 173 million sq ft. GLP is also the largest provider of modern logistics facilities in China, Japan and Brazil. The Company's fund management platform has grown at a compound annual growth rate of 83 per cent over the past five years to US$39 billion today.