GLP has established GLP US Income Partners III (“the Fund”) with total equity commitments of $620m.
Six global institutional investors from Asia, US and Middle East have committed for a stake of approximately 90%. GLP is the asset manager and will retain a stake of approximately 10% post-syndication.
GLP US Income Partners III is expected to invest $1.5bn over three years. In September 2016, GLP entered into a definitive agreement to acquire a $1.1bn US logistics portfolio from Hillwood. These assets will be held by GLP US Income Partners III. The initial $700m portfolio will be acquired in December 2016, with a further $400m of identified pipeline assets to be acquired upon satisfaction of stringent lease-up metrics. As the asset manager, GLP has a $400m mandate for acquisitions in the US that satisfy the Fund’s investment criteria.
According to GLP, its equity stake of approximately 10% ($60m) is expected to generate a 13% return-on-equity in the first year of investment.
M3 Capital Partners (HK) Limited is acting as exclusive financial advisor to GLP in connection with the formation of GLP US Income Partners III.
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