GLP Announces New Leases Totaling 90,000 sqm (969,000 sq ft) in China
GLP has signed new lease agreements totaling 90,000 sqm (969,000 sq ft) with five industry leaders in China, including auto parts, food manufacturer and third-party logistics providers. Four of the leases were signed with repeated customers, in order to meet the demand of their business expansion. One new customer relationship has also been established.
- Five customers sign 90,000 sqm (969,000 sq ft) of leases to meet demand from business expansion
- Domestic consumption demand driven by auto parts, food and e-commerce
- New customer relationship established with a leading food company
Singapore, 9 September 2015 – GLP, the leading global provider of modern logistics facilities, has signed new lease agreements totaling 90,000 square meters (“sqm”) (969,000 square feet (“sq ft”)) with five industry leaders in China, including auto parts, food manufacturer and third-party logistics providers. Four of the leases were signed with repeated customers, in order to meet the demand of their business expansion. One new customer relationship has also been established.
Kent Yang, President of GLP China, said: “We are very pleased to be able to support the continued business expansion of these industry leaders, both repeat and new customers. Domestic consumption drives demand for GLP’s modern facilities in China. These new leases highlight the power of GLP’s market-leading network and the value creation we provide to customers. We look forward to supporting our customers as their businesses continue to grow in China.”
About GLP (www.glprop.com)
GLP is the leading global provider of modern logistics facilities. Its growth strategy is centered on being the best operator, creating value through developments and expanding its fund management platform. GLP’s customers include some of the world’s most dynamic manufacturers, retailers and third party logistics companies.
In July 2015, GLP entered into a definitive agreement to acquire a US$4.55 billion US logistics portfolio from Industrial Income Trust, with the intention of injecting the portfolio into its fund management platform. Upon closing of the proposed acquisition of IIT, GLP’s U.S. footprint would expand to 173 million square feet (16.1 million square meters). Subsequent to this transaction, GLP’s global portfolio would encompass more than 500 million square feet (47 million square meters) and approximately US$33 billion of assets under management worldwide. The Group 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
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