Abu Dhabi ADIA's units invest in $1.1bln Brazil Development Fund | ZAWYA MENA Edition
GLP, a logistics market leader in Brazil, has closed one of the largest logistics-focused funds in Latin America, GLP Brazil Development Partners II (GLP BDP II), whose investors are wholly owned subsidiaries of the Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments).
With BRL 2.63 billion ($530 million) of total equity commitments, GLP BDP II is expected to reach BRL 5.2 billion ($1.1 billion) in assets under management (AUM) when fully leveraged and invested, according to a recent press release.
CPP Investments has allocated BRL 1.04 billion ($210 million) of equity, representing a 39.6% interest.
GLP BDP II will develop nine Class-A logistics parks in prime S?o Paulo submarkets, driven by strong growth in e-commerce.
The Managing Director of Fund Management at GLP, Ralf Wessel, said: "This transaction builds upon our market-leading business in Brazil and provides GLP an opportunity to expand our existing relationships with ADIA and CPP Investments."
Meanwhile, the Managing Director of Global Head of Real Estate at CPP Investments, Peter Ballon, commented: "We expect the GLP BDP II developments to meet an existing market need for high-quality, well-located assets, and to perform well over the long term as demand for logistics facilities and same-day delivery continues to grow."
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