Singapore's GLP Seeks $3.4 billion for new China logistics fund

Singapore's GLP Seeks $3.4 billion for new China logistics fund

SINGAPORE (BLOOMBERG) – GLP, a private equity-backed logistics operator and investor, plans to raise as much as US$2.5 billion ($3.38 billion) for a new fund, betting Chinese consumer spending will underpin demand for modern warehouses.

The Singapore-based asset manager said capital raised for GLP China Logistics Fund III, its third fund focusing on logistics in Asia’s biggest economy, totaled US$1.75 billion at the first close last week, according to Ms Teresa Zhuge, executive vice chairman of its China operation.

In China, GLP develops and manages modern warehouses across 68 cities, and leases to customers like express courier SF Holding and logistics services provider Best Inc. The new fund will keep focusing on such assets, especially those in first-tier cities and economic hubs, in the next two to three years, Ms Zhuge said in an interview.

“Modern warehouses are still scarce in China. The market needs to grow 15 times to reach the same level as the U.S on a per capita basis.”

Leasing demand for China’s logistics facilities accelerated in the second quarter, driven by e-commerce platforms, according to a report by CBRE. Overall vacancy for Grade A warehouses fell to 14.2 per cent, the lowest since the onset of the coronavirus pandemic, CBRE said.

GLP was taken private in 2017 after a seven-year listing on Singapore’s stock exchange. It’s now owned by a consortium that includes co-founder Ming Mei, private equity firms Hillhouse Capital Management and Hopu Investment Management and manages assets of more than US$72 billion in China, including logistics, data centers and renewable energy.

Internet Explorer Channel Network
News Related


Russia will produce newest Baikal aircraft in Komsomolsk-on-Amur - authorities

The launch of serial production of LMS-901 Baikal is expected to start in 2024 Read more »

Buzzing Stocks: RIL, ICICI Bank, Tech Mahindra and other stocks in news today

Results on October 25: Tech Mahindra, HDFC Asset Management Company, Aditya Birla Sun Life AMC, ANG Lifesciences India, Aurionpro Solutions, Ceat, Coforge, Colgate-Palmolive (India), CSB Bank, Dwarikesh Sugar Industries, Gujarat ... Read more »

Cryptocurrency Prices Today: Bitcoin rises 1.5% at Rs 48 lakh on October 25

Cryptocurrencies traded in the green early today on October 25. The global crypto market cap is $ 2.56 trillion, a 0.31 percent increase over the last day. While the total ... Read more »

Earnings, macro data, F&O expiry in focus this week; support for Nifty at 18,000-17,950: Experts

In the week gone by, the market lost the last two-week’s gaining momentum and ended lower amid high volatility despite hitting fresh record highs, dragged by selling seen in the ... Read more »

Trade Spotlight | What to do with Federal Bank, TVS Motor, RVNL, HSIL stocks?

After hitting record highs, the market mood changed completely in favour of bears that pulled down the benchmark indices by 2.6 percent from the all-time highs of the last four consecutive sessions, ... Read more »

Exclusive: BharatPe raises Rs 100 Cr in debt funding from MAS Financial Services

BharatPe has raised Rs 100 crore in debt from homegrown nonbanking financial services firm MAS Financial Services Pvt Ltd and will be utilising this capital to offer loans to merchants in the country. ... Read more »

Tech Mahindra Q2 Results Preview: Experts foresee 5% rise in topline, 3% in bottomline

Tech Mahindra | Representative Image Tech Mahindra Ltd. (TECHM), part of the Mahindra group, and one of India’s top-five IT services companies, will declare its second quarter results today. It is expected to ... Read more »

Stripe, Kora lead investors in Clear's $75-million funding round

Representative image Software as a Service (SaaS) firm Clear – previously known as ClearTax – has raised $75 million in its Series C round of funding, led by Kora Capital, along with ... Read more »

Ombudsman urges wider state support to business during non-working days

The Business Ombudsman pointed out that companies outside the register of SMEs also constitute a significant part of the economy, the lack of support for them threatens possible insolvency Read more »

Saudi Aramco boss warns not to 'demonise' hydrocarbon industry despite global push to hit climate targets

The state-owned Saudi Aramco is the world's third most valuable company, only behind the US tech firms Apple and Microsoft. It is also considered by some measures to be the biggest polluting company on the planet. Read more »

Two ways Hong Kong must transform to achieve carbon neutrality

Hong Kong’s new Climate Action Plan 2050 is a terrific start, but when reading it, I could not help thinking of a newspaper cartoon I saw years ago – two ... Read more »

The paint is getting more expensive, but so are the cans

While AkzoNobel – “paint is our passion” – took advantage of all the ‘corona workers’ during the lockdowns, this year high raw material prices and logistical disruptions are causing problems ... Read more »

Evergrande: Hong Kong banks report third-quarter results as concerns swirl over world's most indebted developer

Investors will be looking for any warning signs in the mainland lending portfolios of Hong Kong’s banks as they prepare to report their third-quarter results against the backdrop of rising ... Read more »

Singtel divests payment card compliance business for $107.8 million

SINGAPORE (THE BUSINESS TIMES) – Singtel on Monday (Oct 25) announced that its cyber security arm Trustwave has divested SecureTrust, its payment card industry compliance business, to Sysnet Global Solutions, ... Read more »

A golden pig for special meat

Large pieces of organic pork neck lie on a work surface. Butcher Martijn cuts the nerves and blood strands. The strings are cooked for the liver sausage, the meat goes ... Read more »

Covid-19 pandemic spurs youth in South-east Asia to chase start-up dreams

BANGKOK (BLOOMBERG) – A new generation of young professionals, defined by the realities of a global pandemic, are eschewing work at established corporations and jumping into start-ups. It is a ... Read more »

VTLs important milestone for S'pore, but no major recovery in inbound tourism expected yet

The recovery of international travel around the world, especially longer-haul travel, will be gradual. SINGAPORE – It is unlikely that Singapore will see a major uptick in inbound tourism in ... Read more »

Sembmarine clarifies media reports on Johan Castberg project

SINGAPORE – Sembcorp Marine (Sembmarine) has clarified media reports last week about its work on the Johan Castberg hull project. The group’s scope of work for the floating, production, storage ... Read more »

Funds are favouring Chinese tech, consumer losers, discarding energy winners in policy turnaround bets to salvage a rotten year

Investors in Chinese stocks have started repositioning their funds for potential inflection points in the economy as the macro and regulatory landscapes shift, banking on policy turnaround to reverse another ... Read more »

Goldman Sachs Awards Executives One-Time Bonuses Bank grants restricted stock awards and cites 'the rapidly increasing war for talent'

Goldman Sachs Group Inc. is giving CEO David Solomon and president John Waldron one-time stock bonuses designed to keep the executives at the helm of Wall Street's biggest bank. The ... Read more »

Santa Claus Is Coming -- But He'll Skip Some Stores in U.S. Americans have big shopping lists but face emptier shelves and less help this shopping season amid supply-chain and hiring woes

Empty shelves are seen at an IKEA store in the Red Hook neighborhood of Brooklyn borough in New York City on October 15. Getty Images/AFP 'It came without ribbons. It came ... Read more »

Honing in on the EV industry goal Development of the electric vehicle industry is currently gaining a good deal of momentum, writes Yuthana Praiwan

An electric boat developed by EA serves Bangkokians along the Chao Phraya river. Development of the electric vehicle (EV) industry is gaining momentum as state and private sectors are working ... Read more »

Bangkok land price index edges up in Q3 Rise below 5-year pre-Covid average

Despite the escalating trend, the increase in the land price index in Greater Bangkok in the third quarter remained lower than the five-year average during the pre-Covid period, according to ... Read more »

IEAT to speed up correctional estate study

The Industrial Estate Authority of Thailand (IEAT) is speeding up a feasibility study to build a new “correctional industrial estate” in a move to upskill inmates and convert them into ... Read more »

Cigarette importers warned Artificially low prices will not be tolerated

Cigarettes being sold at a convenience store. Wichan Charoenkiatpakul The Excise Department has the authority to not approve cigarette importers from setting the product at an unusually low retail price, according ... Read more »

Fetco sounds alarm on global inflation

Fuel prices at a Shell gas station in San Francisco, California, US on Thursday. Mr Paiboon says that if energy prices remain high until the middle of next year, they ... Read more »

Evergrande crisis: work resumes on 10 projects as developer restores calm, buys time to repay more creditors

China Evergrande said it has restarted work on more than 10 projects across six mainland cities, trying to portray some semblance of stability in its operations soon after averting a ... Read more »

Ukrainian opposition politician says Kiev's offer to increase gas transit is belated

The fact that today Mr. Zelensky suggested gas pumping via our pipe be increased by 50% is an absolutely right decision, but the question is whom it is addressed to, Viktor Medvedchuk said Read more »

Mag deze varkensboer duizenden varkens extra houden?

Het nieuws in het kort Honderden boeren vlak bij natuurgebieden hebben tijdens de stikstofcrisis toestemming gekregen hun veestapel uit te breiden. Dat blijkt uit onderzoek van NRC. De natuur heeft ... Read more »

Hundreds of livestock farms near nature reserves are allowed to expand after all

Hundreds of farmers close to nature reserves were allowed to expand their livestock during the nitrogen crisis. This is shown by research by NRC. According to experts, nature has suffered ... Read more »

'Dune' nabs $40.1 million at the North American box office

"Halloween Kills," the 12th entry in the horror series, took the No. 2 position with a weekend haul of $14.5 million. Read more »

Punjab CM announces Rs 68 crore grant for villages of Kharar block

Charanjit Singh Channi Punjab Chief Minister Charanjit Singh Channi on Sunday announced a development grant of Rs 68 crore for 35 villages of block Kharar in Chamkaur Sahib constituency to ... Read more »

Clear raises $75 million in funding round led by Kora Capital

Representative image. Fintech IT firm Clear, which owns ClearTax, has raised $75 million (around Rs 562 crore) in Series C funding round led by Kora Capital, the company said on ... Read more »

KLM stuck with staff due to shortage and wage sacrifice

The profit does not in the least mean that it will be quiet around the airline, because the oil price is rising. That means higher costs, while KLM cannot yet ... Read more »

Edible oils: Centre holds meeting with states on Oct 25 to review action on stock holding order

Source: Reuters The Centre on Sunday said it is monitoring the prices of cooking oils as demand rises during the festive season and will hold a virtual meeting with states ... Read more »

Harsh Goenka shares how CEO Vijay Shekhar Sharma celebrated SEBI's nod to Paytm IPO

RPG Group Chairman Harsh Goenka (Image: LinkedIn) One97 Communications, the parent of Paytm, recently received the Securities and Exchange Board’s (Sebi’s) nod for its Rs 16,600-crore initial public offering (IPO). ... Read more »

Private TV channels told to air messages asking people to follow Covid norms during festivities

Representative image The Union Information and Broadcasting Ministry has told all private satellite TV channels to broadcast messages encouraging people to follow Covid-appropriate behaviour and not let their guards down ... Read more »

The Dallas Cowboys are back and fans of 'America's Team' are elated over the NFL's richest franchise

Dak Prescott #4 of the Dallas Cowboys scrambles with the ball in the fourth quarter against the New England Patriots at Gillette Stadium on October 17, 2021 in Foxborough, Massachusetts.Maddie ... Read more »

Zoho to start company for R&D to focus on critical know-how in manufacturing sector

With a majority of technology in the manufacturing sector in India being imported and lacking critical know-how, Zoho, a major technology company, is setting up a company to focus on ... Read more »

Monte dei Paschi acquisition by Unicredit may not go ahead

The failure of the deal is likely to be officially announced on Sunday, news agencies Bloomberg and Reuters report on the basis of insiders. Monte dei Paschi is largely in ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic