Singapore-based real estate investment management company GLP has established the GLP Vietnam Development Partners I with an investment of $1.1 billion, the biggest ever logistics fund in Vietnam.
The fund will focus on developing six modern and environmentally-friendly logistics facilities with a total land area of nearly 900,000 square meters in Hanoi and HCMC.
Cargo waiting to be shipped at the SP-ITC International Container Terminal in HCMC. Photo courtesy of ITC
According to GLP, a leading global investment manager and business builder in logistics, data infrastructure, renewable energy and related technologies, GLP VDP I is one of the largest logistics development funds in Southeast Asia.
The fund has received commitments from many investors in Asia, Europe, North America and the Middle East representing pension funds, sovereign wealth funds and insurance companies, including APG Asset Management and Manulife.
The Singapore-based company entered Vietnam in 2020 through SEA Logistic Partners, a GLP-backed industrial and logistics facility development and operation platform with focus on Southeast Asia.
According to Agility’s 2021 emerging market logistics index report, Vietnam is among the top 10 leading emerging logistics markets with an index of 5.67 and an expected compound annual growth rate of 7 percent in the 2021-2026 period.