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GLP closes two funds at $2 billion each

A closed sign hanging in a shop window

GLP closed two of its real estate funds at investment targets of $2 billion each, a spokesman said.

The firm, a logistics facilities provider, said it closed its GLP Europe Income Partners I and GLP Europe Development Partners I.

Among investors is the Oxford Properties Group, the real estate investment arm of the C$95 billion ($72.7 billion) Ontario Municipal Employees' Retirement System, Toronto, which made an about 200 million ($254.9 million) equity commitment to the GLP European Development Partners I fund.

Both funds had commitments from sovereign wealth funds, pension funds and insurance companies from North America, Asia, Europe and the Middle East, GLP said in a news release.

"We are pleased to further grow our fund management platform and welcome new partners while strengthening existing long-term investor relationships," Ming Mei, co-founder and CEO of GLP, said in the release. "Demand from institutional investors to partner with GLP remains strong and we plan to establish additional funds across Europe."