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GLP forms new US fund for $1B acquisition

Global Logistic Properties Ltd. created Harvest Logistics Holdings LP, or GLP US Income Partners III, as its investment vehicle for the US$1.1 billion acquisition of logistic properties in the U.S. it signed a deal for in September.

The Singapore-headquartered company said it does not plan to list the fund on a securities exchange. GLP unit Harvest Logistics Holdings GP LLC serves as the fund's general partner, while GLP Investment Management Pte. Ltd. and its subsidiaries will perform management services, the company said Dec. 9.

According to a Dec. 14 news release, meanwhile, GLP US Income Partners III was established with US$620 million in total equity commitments, and is expected to invest US$1.5 billion over three years.

GLP’s approximately 10% equity stake of US$60 million is expected to generate a 13% return-on-equity in the first year of investment. Six global institutional investors from Asia, the U.S. and Middle East hold the remaining 90% stake in the fund.