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GLP updates on US$1.5B logistics property fund

Global Logistic Properties Ltd. disclosed updates made March 31 in relation to its US$1.5 billion GLP US Income Partners III investment vehicle.

The first update concerns the fund's estimated US$16.7 million acquisition of Harvest B Logistics Center B1 LLC, a project company that owns an additional completed property within the portfolio it purchased in 2016 for US$1.1 billion. An associated company, Logistics Center I LLC, meanwhile, was acquired and dissolved as part of the deal.

The fund also completed its roughly US$34 million acquisition of Harvest B Bedford Park LLC and Harvest B Melrose Park LLC from GLP. The two portfolio companies hold distribution facilities that are part of the acquired logistics portfolio, and the acquisition was funded by a combination of debt and equity of the fund.

Following the transactions, GLP's interest in the portfolio companies, held through the fund, was reduced to about 49.9% from 100%.