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GLP sells further US$140M stake in US$1.5B US fund

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GLP sells further US$140M stake in US$1.5B US fund

Global Logistic Properties Ltd. locked in two investors to make capital contributions in the US$1.5 billion Harvest Logistics Holdings LP fund in August.

The latest investors' roughly 37.9% stake is worth US$140 million, according to a release.

The completed syndication reduces GLP stake in the fund to 8.0% from roughly 45.9%. As such, the fund and its subsidiaries have ceased to be associated companies of GLP.

The fund, also called GLP US Income Partners III, was created to manage a US$1.1 billion logistics portfolio that was acquired in late 2016. GLP said that it will, over time, shed its stake in the fund to about 10%.