(MENAFN- media OutReach Limited)
GLP
Vietnam Development Partners I is set to be one of SEA's largest logistics
development funds
GLP entered the Vietnam
market in 2020 through a strategic joint venture with SLP
SINGAPORE AND HO CHI MINH CITY - Media
OutReach - 21 January 2022 - GLP announced
today the establishment of GLP Vietnam Development Partners I ('GLP VDP I') with
an investment capacity of $1.1 billion. The fund has received commitments from
a well-diversified investor group across Asia, Europe, North America and the
Middle East representing pension funds, sovereign wealth funds and insurance
companies.
Through this
transaction, GLP welcomes several new investors to its fund management platform including
the Dutch pension fund manager APG Asset Management ('APG') and
Toronto-headquartered global financial services provider, Manulife.
GLP VDP I,
which will focus on developing modern and environmentally-friendly logistics
facilities in Greater Hanoi and Greater Ho Chi Minh City, is seeded with six
development sites with a total land area of close to 900,000 square metres and
has a robust development pipeline of further opportunities. It is set to be one
of the largest logistics development funds in Southeast Asia ('SEA').
Craig A.
Duffy, Managing Director, Fund Management, said, 'Institutional investment
in APAC's logistics sector has been strong and within SEA, Vietnam is one of
the most attractive markets given its population dynamics, growing economy and
middle class which support domestic consumption. We see similarities between
Vietnam and our logistics businesses in China and India and know we can
leverage our expertise and knowledge from our experiences in those markets to
create a sustainable, market-leading business in Vietnam.'
Kent Yang, a founding partner of SLP, said, 'We are
very excited about the establishment of GLP VDP I. Vietnam is the right place
at the right time for SLP, and we have a long-term view to grow our business
here. With the shift of supply chain and shortage of modern logistic
facilities, this creates tremendous opportunity and demand for SLP's logistics
infrastructure.' Chih Cheung, a founding partner of SLP, added, 'Vietnam's
logistics industry is also experiencing strong growth due to strong domestic
consumption from a rising middle class and to rapid e-commerce adoption. We
thank and welcome the investors into our fund and look forward to serving our
global and local customers with GLP-SLP's unique national network and large
integrated platform.'
Graeme Torre, Managing Director and APG's Head of Asia
Pacific Real Estate, said, 'With the continued global supply chain shifts to
Vietnam, a growing middle class to uphold economic growth, as well as having
one of the fastest growing e-commerce markets in SEA, we believe Vietnam
logistics is an attractive opportunity for us to enter in the region. Vietnam
logistics market compliments very well with our existing regional logistics
exposure, while also offering very strong risk-adjusted returns that will benefit
our pension fund clients and their participants. With GLP's extensive global
track record, their ESG credentials and expertise in the logistics sector, we
are pleased to be partnering with GLP in this venture for our first foray into
Vietnam.'
According to
Gerald Posthuma, Chief Investment Officer of Asia General Accounts Investment
and Kenny Lam, Senior Managing Director, Head of Asia Real Estate Investments
for Manulife, 'We are delighted to partner with GLP and SLP alongside
other like-minded investors in this venture. Vietnam is one of Manulife's key
growth markets in Asia and we continue to believe in its strong economic
fundamentals in the long run. This investment is one of our first few real
estate investments in the market, and it bodes well with our long-term real
estate strategy in the region.'
SLP (SEA Logistic Partners) is GLP's Vietnam platform
with a strong local team of more than 30 employees. SLP is committed to ESG
(Environmental, Social, and Governance) initiatives and is focused on making
sustainability a core component of its business by practicing responsible
investing and development and promoting greater well-being in Vietnam.
The issuer is solely responsible for the content of this announcement.
About GLP
GLP is a leading global investment manager and
business builder in logistics, data infrastructure, renewable energy and
related technologies. Our combined investing and operating
expertise allow us to create value for our customers and investors. We operate
across Brazil, China, Europe, India, Japan, the U.S. and Vietnam and have more
than $120 billion in assets under management in real estate and private equity.
We are committed to a broad range of ESG commitments
that elevate our business, protect the interest of our shareholders and
investors, support our employees and customers and enhance our local
communities. Learn more at
.
About SLP
SLP (SEA Logistic Partners) is an industrial and logistic
facility development and operation platform backed by GLP, the leading global
provider of modern logistics facilities and technology-led solutions. We will create world-class industrial &
logistics infrastructure in Southeast Asia to support the growth of our
customers and the region's economic development. Learn more at
.
About APG
As the largest pension provider
in the Netherlands, APG looks after the pensions of 4.7 million participants.
APG provides executive consultancy, asset management, pension administration,
pension communication and employer services for pension funds and employers in
the sectors of education, government, construction, cleaning, housing
associations, sheltered employment organizations, medical specialists, and
architects. APG manages approximately €627 billion (November 2021) in pension
assets. With approximately 3,000 employees, APG has offices in Heerlen,
Amsterdam, Brussels, New York, Hong Kong, Shanghai, and Beijing. For more
information, please visit .
About Manulife
Manulife Financial Corporation is a leading
international financial services provider that helps people make their
decisions easier and lives better. With our global headquarters in Toronto,
Canada, we provide financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the United States.
Through Manulife Investment Management, the global brand for our global wealth
and asset management segment, we serve individuals, institutions and retirement
plan members worldwide. At the end of 2020, we had more than 37,000 employees,
over 118,000 agents, and thousands of distribution partners, serving over 30
million customers. As of September 30, 2021, we had CAD$1.4 trillion (US$1.1
trillion) in assets under management and administration, and in the previous 12
months we made CAD$31.6 billion in payments to our customers. Our principal
operations are in Asia and Canada, and the United States, where we have served
customers for more than 155 years. We trade as 'MFC' on the Toronto, New York,
and the Philippine stock exchanges and under '945' in Hong Kong. Not all
offerings are available in all jurisdictions. For additional information,
please visit
.
This press release is not an offer of securities for
sale or a solicitation of an offer to purchase securities. The information in
this press release may not contain, and you may not rely on this press release
as providing, all material information concerning the condition (financial or
other), earnings, business affairs, business prospects, properties or results
of operations of GLP or its subsidiaries. This release may contain
forward-looking statements that involve risks and uncertainties. Forward-looking
statements include statements regarding the intent, belief and current
expectations of GLP or its officers with respect to various matters. When used
in this press release, the words 'expects,' 'believes,'
'anticipates,' 'plans,' 'may,' 'will,'
'should,' 'intends,''foresees,' 'estimates,' 'projects,' and similar
expressions, and the negatives thereof, are intended to identify
forward-looking statements. Similarly, statements that describe objectives,
plans or goals also are forward-looking statements. Actual future performance,
outcomes and results may differ materially from those expressed in
forward-looking statements as a result of a number of risks, uncertainties and
assumptions. Representative examples of these factors include (without
limitation) general industry and economic conditions, interest rate trends,
cost of capital and capital availability, availability of real estate
properties, competition from other companies and venues for the
sale/distribution of goods and services, shifts in customer demands, customers
and partners, changes in operating expenses, including employee wages, benefits
and training, governmental and public policy changes, and the continued
availability of financing in the amounts and the terms necessary to support
future business. You are cautioned not to place undue reliance on these
forward-looking statements, which are based on the current view of management
on future events and speak only as of the date of this press release. GLP does
not undertake to revise forward-looking statements to reflect future events or
circumstances. No assurance can be given that future events will occur, that
projections will be achieved, or that GLP's assumptions are correct.
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