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(Yicai Global) May 9 -- Global investment management firm GLP has joined forces with Allianz Real Estate to invest USD600 million on developing logistics assets in China and Japan.
"We continue to believe in the long-term fundamentals of the Asia-Pacific region," said Rushabh Desai, Asia-Pacific chief executive for ARE in a joint statement with Singapore-based GLP. "Logistics is a core part of our investment strategy and this opportunity will further diversify our portfolio."
Munich-based ARE has committed USD600 million for GLP's funds in the two countries as part of the deal.
This investment is part of ARE's strategy to grow its real estate presence in the region. The firm had a global portfolio of EUR63.5 billion (USD72.2 billion) as of the end of last year including EUR3 billion in APAC and over EUR5.5 billion in logistics globally.
Editor: William Clegg