(Yicai Global) Jan. 24 -- Chinese investment manager GLP has set up its first Vietnam logistics development fund with a USD1.1 billion capacity.

APG Asset Management of the Netherlands and Canada’s Manulife Financial have committed to the fund, GLP Vietnam Development Partners I, Shanghai-based GLP said in a statement today.

The fund will focus on investing in logistics infrastructure in the Greater Hanoi and Greater Ho Chi Minh areas, and will be one of the biggest logistics development funds in Southeast Asia, GLP said.

“Vietnam is one of the most attractive markets given its population dynamics, growing economy and middle class which support domestic consumption,” said Craig A. Duffy, who oversees the firms fund management as managing director.

GLP, which manages USD120 billion worth of assets, entered the Vietnamese market in 2020, investing in six local parks with restructured projects in reserve. SEA Logistic Partners is the investment and operation platform of GLP in Vietnam, with a local team of more than 30 employees.

“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,” Duffy added.

GLP was formed in 2009 and delisted from the Singapore Stock Exchange in 2018, after eight years as a publicly traded company. It operates in a number of countries and regions, also including Brazil, Japan, the United States, and Europe.

Editor: Peter Thomas