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GLP, GIC reunite for US$2B China property fund

GLP Pte. Ltd. and GIC Pvt. Ltd. are targeting US$2 billion for a new China-focused property fund, half of which will be funded by the Singaporean sovereign wealth fund, PERE News reported.

GLP China Value-Add Venture II's only investor will be GIC and the commitment will be the fund's first transaction with the logistics developer since parting ways in January, according to the report. GIC was GLP's biggest shareholder before it was bought out and delisted by a Chinese consortium.

Following the 10 billion-yuan GLP China Value-Add Venture I, the new fund will be denominated in U.S. dollars and will be seeded with GLP assets. A GLP spokewoman was quoted in the Sept. 10 report as saying that the two funds are structured in a way to avoid conflict with each other.

GLP is the largest owner/operator of logistics facilities in the mainland with a portfolio worth about US$20 billion covering 334 million square feet, according to a spokesman cited by the media outlet.