GLP Establishes Strategic Partnership with COFCO in China
GLP is expanding its relationship with COFCO, China's largest supplier of agricultural and food products, into a strategic partnership. GLP will help COFCO povide a national network of modern logistics facilities in China.
- COFCO, one of the largest SOEs, is a global Fortune 500 company and the largest supplier of food and agricultural products in China
- GLP will help COFCO provide a modern national food logistics network in China
- The partnership is expected to advance the food logistics and distribution infrastructure system in China
Singapore, 27 February 2014 – Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil, is expanding its relationship with COFCO, China’s largest supplier of agricultural and food products, into a strategic partnership. GLP will help COFCO provide a national network of modern logistics facilities in China.
Mr. Jeffrey H. Schwartz, Co-Founder and Chairman of the Executive Committee said, "With the support and facilitation of the Chinese investor consortium, we are pleased to establish this strategic partnership with COFCO, the leader in China’s food industry.”
Mr. Ming Z. Mei, Co-Founder and Chief Executive Officer of GLP said, "This agreement leverages GLP’s extensive network and logistics solutions expertise with the great growth potential of COFCO. We are confident that our China business growth will accelerate with the support of our new strategic partners.”
Distribution and logistics for food is increasingly important in China, the world’s largest food and grocery market. GLP and COFCO will closely collaborate to build a modern national food logistics network to meet demand arising from growing domestic consumption and increased emphasis on food quality and safety. The network will comprise both existing GLP facilities and new build-to-suit facilities, including facilities for packaged foods, fresh foods and e-commerce.
Ning Gaoning, Chairman of COFCO, said: “GLP is the leading provider of modern logistics solutions in China. This new partnership is very important for COFCO as we focus on strengthening national supply chain systems to improve service quality and safety in the food industry. GLP has built a strong brand and reputation for execution. With their extensive network and industry expertise, they are an ideal partner for our logistics needs.”
Under the strategic partnership, GLP and COFCO will work together on site selection, project planning and logistics facility leasing on a national basis. GLP may also assist COFCO in planning, re-developing and managing their existing logistics facilities.
COFCO is a China state-owned food conglomerate and the largest supplier of food and agricultural products and services in the country. It currently leases a total of 71,600 sqm (770,000 sq ft) with GLP across three cities in China and is looking to further expand its network.
About Global Logistic Properties (www.glprop.com)
Global Logistic Properties Limited (“GLP”) is the leading provider of modern logistics facilities in China, Japan and Brazil. Our property portfolio of 23.4 million square meters (252 million square feet) is strategically located across 63 cities, forming an efficient logistics network serving 700 customers. We are dedicated to improving supply chain infrastructure for the world’s most dynamic manufacturers, retailers and third party logistics companies. Domestic consumption is a key driver of demand for GLP.
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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