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Logistics giant GLP raises $2.7 bln for Japan real estate fund – Reuters

TOKYO, Oct 19 (Reuters) – Asia’s biggest warehouse operator, GLP, said on Tuesday it raised 311 billion yen ($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 $120 billion of assets under management in real estate and private equity, the company said.

($1 = 114.1200 yen)

Reporting by Makiko Yamazaki; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

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