Singapore investment company GLP raised US$1.3 billion from more than 20 institutional investors globally at the second close of the GLP Japan Income Fund, bringing the total assets under management since the property fund’s launch five months ago to $5.4 billion.
“The second close exceeded our initial target offering,” Ralf Wessel, managing director of GLP’s fund management division, says in a statement on January 11.
The first round in August reached $2.6 billion.
Funds from the second close will be mainly used to acquire three more assets in Tokyo, expanding its portfolio of assets to 14.
GLP, which entered Japan in 2002, now manages $22 billion of total assets in five Japanese real estate investment trusts and property funds, including the new fund.