GLP, a Singapore-based provider of logistics facilities, and Singapore sovereign wealth fund GIC said Tuesday they will set up a fund in Shanghai to make $2 billion of investments in income-generating logistics facilities in China.
A GLP spokeswoman said the $2 billion total includes debt. She declined to say how much debt is involved, but she noted GLP's other China funds have leverage of approximately 50%.
A GLP news release said GLP China will serve as the fund's asset manager and contribute seed assets.
A GIC spokeswoman declined to provide further details, including the size of the sovereign wealth fund's investment.
GIC, which has long pegged the size of its investment portfolio at well over $100 billion, is estimated to have more than $350 billion in assets.
The news release said GLP has more than $50 billion in assets under management across its real estate and private equity businesses.