GLP Acquired 448,000 sq ft (42,000 sqm) Through Two Transactions in Chicago
GLP has acquired 448,000 sq ft (42,000 sqm) of distribution facilities for US$33 million. The buildings were acquired from institutional owners in two separate transactions and comprise multi-tenant assets 100% leased to new and existing GLP customers.
GLP expands US footprint with two opportunistic acquisitions in Chicago:
- 308,000 sq ft (29,000 sqm) in Bedford Park
- 139,000 sq ft (13,000 sqm) in Western Cook County
Both multi-tenant assets are 100% leased to new and existing GLP customers
Chicago, 1 February 2017 – GLP, a leading global provider of modern logistics facilities, has acquired 448,000 square feet (“sq ft”) (42,000 square meters (“sqm”)) of distribution facilities for US$33 million. The buildings were acquired from institutional owners in two separate transactions and comprise multi-tenant assets 100% leased to new and existing GLP customers. With the addition of these two facilities, GLP now owns over 11 million sq ft (1 million sqm) in the Chicago market.
The first asset is a fully leased 308,000 sq ft (29,000 sqm) distribution building in Bedford Park, a desirable in-fill sub-market located near Chicago’s Midway Airport, which is home to major FedEx, UPS and USPS facilities, along with the CSX intermodal.
The second asset is a fully leased 139,000 sq ft (13,000 sqm) distribution building in Western Cook County. The location offers immediate access to Chicago’s urban population density with proximity to the I-290, I-294 and I-88 highways leading to excellent labor supply while serving as an ideal choice for “last-mile” delivery to consumers.
Amy Curry, GLP’s Eastern Regional Director, said,“The quality and location of these two facilities complement our Chicago portfolio well. GLP remains on the lookout for opportunistic assets that will strengthen our network of state-of-the-art logistics facilities to better serve customers across the US.”
Currently, GLP’s portfolio in the US comprises 173 million sq. ft (16 million sqm) of modern logistics facilities. GLP is also the largest provider of modern logistics facilities in China, Japan and Brazil.
GLP owns and manages a global portfolio of 53 million square meters, with dominant market positions in China, Japan, US and Brazil. Domestic consumption is a key driver of demand for GLP.
GLP is listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP).
GLP Investor Relations & Media Contact:
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
Email: agoel@glprop.com
## END ##
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. Please refer to our unaudited financial statements for a complete report of our financial performance and position. 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.
