GLP increases European Development Fund to buy warehouses
The global investment manager has secured funds from Canada Pension Plan Investment Board and the QuadReal Property Group.
CPP Investments has committed €900 million of equity, representing a 45% share and QuadReal has committed €800 million of equity, representing a 40% share, with the remaining 15% held by GLP.
GLP is targeting €4 billion of assets under management upon stabilisation for the venture.
The fund, GLP CDP I, was established in 2018 to develop modern logistics assets in Continental Europe including Germany, France, Italy, Spain and the Netherlands. The upsize will be used to transform GLP CDP I into a Pan-European development vehicle by strategically expanding in the UK and Central and Eastern Europe markets via the acquisition of landbank and logistics development opportunities.
