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Logistics giant GLP raises US$2.7 billion for Japan real estate fund

TOKYO : Asia's biggest warehouse operator, GLP, said on Tuesday it raised 311 billion yen (US$2.73 billion) for its largest Japan-focused private real estate fund amid a global boom in the logistics sector spurred by growing e-commerce sales.

The fund, GLP Japan Development Partners IV, is expected to reach over 1 trillion yen of assets under management when fully deployed, GLP said in a statement.

It will focus on developing logistics facilities in Japan, in particular large-scale projects in the greater Tokyo and Osaka regions.

GLP, owned by a Chinese consortium, has more than US$120 billion of assets under management in real estate and private equity, the company said.

(US$1 = 114.1200 yen)

(Reporting by Makiko Yamazaki; Editing by Kim Coghill)

Source: Reuters

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