Logistics real estate investor GLP has raised an additional 500 million euros (US$607 million) for its pan-European logistics fund, GLP Europe Income Partners II (GLP EIP II). The new capital brings the total equity commitments to 1.6 billion euros, exceeding its original target, and enabling the fund to reach 3.2 billion euros in assets under management once fully deployed.

The additional equity was raised from institutional investors across Europe, the Middle East and Asia.

GLP EIP II is seeded with a portfolio of high-quality, attractive and well-located logistics assets in Europe with occupancy levels of nearly 99%, according to the company. The assets have an average building age of less than five years, modern specifications and the portfolio benefits from a weighted average unexpired lease term of nearly seven years.

GLP manages approximately 10 billion euros of assets across Europe. GLP EIP II is the company’s fourth Europe-focused investment vehicle.