GLP Extends Partnership with BMW Brilliance Automotive in China
GLP has signed a new agreement with BMW Brilliance Automotive Ltd. to lease 19,000 sqm (205,000 sq ft) in Greater Guangzhou-Foshan, Southern China. BMW Brilliance Automotive had previously utilized the facility to distribute auto parts through a 3PL provider to meet increasing demand for auto parts from its authorized dealers in Southern China.
- BMW Brilliance Automotive is extending their partnership with GLP through a new 19,000 sqm (205,000 sq ft) lease in China
- Auto parts industry is a key driver of demand for GLP in China
- Repeat customers leveraging GLP’s network to meet strong growth in domestic consumption
Singapore, 24 July 2014 – Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil, has signed a new agreement with BMW Brilliance Automotive Ltd. (“the customer”) to lease 19,000 sqm (205,000 sq ft) in Greater Guangzhou-Foshan, Southern China.
BMW Brilliance Automotive had previously utilized the facility to distribute auto parts through a third party logistics provider to meet increasing demand for auto parts from its authorized dealers in Southern China. The customer has now chosen to sign a larger, direct leasing agreement with GLP to facilitate their business expansion in China.
Kent Yang, President of GLP China, said: “The auto parts industry is a key driver of demand for GLP. We are delighted to build on our strong relationship with BMW and sign this larger, direct lease agreement in Southern China. GLP is dedicated to improving supply chain efficiency for our customers through our best-in-class facilities and service and we look forward to supporting BMW as they continue to grow across China.”
Claus Eberhart, Vice President – Aftersales of BMW Brilliance Automotive commented: “GLP is an excellent logistics partner. The automotive business requires the highest standards in infrastructure and services and GLP has consistently exceeded our expectations since we began working with them in 2007. Their extensive network and scale provides us with convenient market access while accommodating our strategic expansion plans. We look forward to future cooperation.”
According to McKinsey, the Chinese private car market is forecast to grow at a compound annual growth rate of 8% through 2020 when overall sales would reach 22 million vehicles. This is expected to continue driving demand for the auto parts and after-sales service in China.
BMW Brilliance Automotive Ltd. is a joint venture between BMW and Brilliance Auto which focuses on the production, distribution and sale of BMW passenger cars in mainland China. GLP is currently developing a build-to-suit facility for BMW Brilliance Automotive at GLP Park Lingang in Shanghai which will become the carmaker’s largest distribution center in Asia when it is completed.
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 25 million square meters (269 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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