Singapore-listed Global Logistic Properties Ltd (GLP), an owner and operator of warehouses, said it had established a U.S. fund that will invest $1.5 billion over three years.
The fund had total equity commitments of $620 million, GLP said in a statement, adding six leading global institutional investors from Asia, United States and the Middle East had committed for a stake of about 90 percent.
GLP is the asset manager of the fund and will retain a stake of about 10 percent post-syndication.
The fund, GLP’S third for the United States, will hold the $1.1 billion logistics property portfolio that the company agreed to buy from Hillwood Development Co in September, GLP said.
The U.S. fund is the latest in the company’s fund management platform that has grown at a compound annual growth rate of 83 percent over the past five years to $39 billion.
M3 Capital Partners (HK) Ltd advised GLP in the formation of the fund.
Earlier this month, the company had said it was undertaking a strategic review of its business options after receiving a request from Singapore’s sovereign wealth fund GIC Pte, the firm’s largest shareholder.