AIA Group Ltd., the Hong Kong Stock Exchange-listed insurance company, and Singapore-based logistics heavyweight GLP on Wednesday said they have formed a strategic investment partnership to invest in global logistics real estate assets and related opportunities.
A joint news release said trends powering the growth of the global logistics real estate sector will "provide AIA with immense opportunities to diversify its investment portfolio and enhance returns for its customers and shareholders" by leveraging "GLP's investment experience and expertise in this area."
A Hong Kong-based spokeswoman for GLP declined to provide further details with regard to the amount of money AIA is looking to put to work, or whether the partnership is open-ended.
Mark Konyn, group chief investment officer with AIA, didn't respond to requests for comment.
AIA had total assets of $330 billion as of June 30. GLP has more than $118 billion in assets under management in real estate and private equity.
