SHANGHAI, Sept. 11, 2018 /PRNewswire/ -- GLP, the leading global provider of modern logistics facilities and technology-led solutions, is partnering with GIC, Singapore's sovereign wealth fund, to establish a new fund in China. The US$2 billion USD-denominated value-add venture will focus on income-generating logistics facilities in China. GLP China is the asset manager and will contribute seed assets to the fund.
Ming Mei, Co-Founder and CEO of GLP, said: "This fund provides long-term capital to further strengthen our dominant network in China. We continue to see significant customer demand for our integrated logistics solutions and look forward to continuing to build our relationship with GIC."
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said: "We believe high consumption growth, especially of e-commerce, will continue to drive demand for high-quality logistics properties in China. This venture will enable us, as a long-term value investor, to capitalise on the structural growth of the logistics sector in China. We look forward to partnering with GLP, a leading operator and developer of logistics assets, to acquire income-generating logistics assets across China."
This transaction is in line with GLP's fund management strategy. GLP has over US$50 billion of assets under management across its real estate and private equity segments and is committed to further expanding its fund management platform through establishing new funds and increasing its capital recycling initiatives.
About GLP (www.glprop.com)
GLP is the leading global provider of modern logistics facilities and technology-led solutions, with over US$50 billion in assets under management across its real estate and private equity segments. The Company's real estate fund platform is one of the largest in the world, spanning 62 million square meters (667 million square feet) globally.
Media Contact:
Ambika Goel, CFA
Senior Vice President, Capital Markets
Tel: +65 6643 6372
Email: agoel@glprop.com
About GIC (www.gic.com.sg)
GIC is a leading global investment firm established in 1981 to manage Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.
Media Contacts:
Lay Choon Mah
Senior Vice President, Communications
Tel: +65 6889 6841
Email: mahlaychoon@gic.com.sg
Tess Chia
Vice President, Communications
Tel: +65 6889 8653
Email: tesschia@gic.com.sg
This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," "intends," "foresees," "estimates," "projects," and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP's assumptions are correct.
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