GLP Capital Partners launches onshore fund with Chinese insurance provider
GLP Capital Partners has launched a 4.3 billion yuan onshore income fund in partnership with a Chinese insurance provider. The fund is seeded with income-generating industrial park assets in core markets, reflecting the increasing demand for industrial parks in China's manufacturing industry. GLP Capital Partners has been raising fresh capital for its logistic assets in the country.
(Updates with details and background in paragraphs 2-5)
Dec 4 (Reuters) -
Global venture capital firm GLP Capital Partners has established a new 4.3 billion yuan ($602.87 million) onshore income fund in partnership with a Chinese insurance provider, it said on Monday.
The global asset manager said the fund is seeded with 13 stabilised income-generating industrial park assets, with a total leasable area of more than 970,000 square meters located in core markets, including Shanghai and Kunshan.
“China’s manufacturing push to strengthen industrial and supply chain resilience has accelerated demand for industrial parks amongst advanced manufacturing firms,” said Teresa Zhuge, president of China at GLP Capital Partners.
The company expects this to be a long-term trend as the manufacturing industry continues to develop, Zhuge added.
GLP Capital Partners, which collectively manages about $58 billion of assets in China, has
recently
been raising fresh capital for its modern logistic assets in the country.
($1 = 7.1326 Chinese yuan renminbi)
