GLP Extends Partnership with RT-Mart To Lease 38,000 sqm (409,000 sq ft) in China
GLP has signed two lease agreement totaling 38,000 sqm (409,000 sq ft) with RT-Mart, one of the largest hypermarket operators in China. The cusotmer is expanding its distribution network throughout China to meet increasing demand driven by the growth of domestic consumption.
- GLP signs two new lease agreements totaling 38,000 sqm (409,000 sq ft) with RT-Mart, one of the largest hypermarket chains in China
- Customer is expanding distribution network throughout China to meet growing domestic consumption
- GLP Park SND is 100% leased
Singapore, 22 April 2014 – Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil, has signed two lease agreements totaling 38,000 square meters (“sqm”) (409,000 square feet (“sq ft”)) with RT-Mart (“the customer”), one of the largest hypermarket operators in China. The customer is expanding its distribution network throughout China to meet increasing demand driven by the growth of domestic consumption.
Kent Yang, President of GLP China, said: “We are excited to extend our partnership with RT-Mart in China. Growing domestic consumption continues to drive strong demand for modern logistics facilities. Our best-in-class facilities and service enhance supply chain efficiency for our customers. We look forward to further supporting RT-Mart as they continue to grow in China.”
RT-Mart said: “We are delighted to deepen our relationship with GLP. GLP’s flexible national network and high standard qualities can accommodate our growth, enabling us to better serve our customers. We aim to improve logistics efficiency and drive down costs with the support of GLP.”
The following details the new lease agreements:
- 33,000 sqm (355,000 sq ft) at GLP Park Qihe in Greater Jinan, Eastern China. GLP Park Qihe is strategically located at the intersection of three expressways, 20 kilometers from downtown Jinan, the capital of Shandong Province in Eastern China. It provides high-quality facilities in an ideal location to establish efficient logistics operations for domestic distribution in Greater Jinan and the surrounding area.
- 5,000 sqm (54,000 sq ft) expansion at GLP Park SND in Suzhou, Eastern China. RT-Mart began using the facilities at GLP Park SND in August 2013 with an initial area of 24,000 sqm (258,000 sq ft). Including this expansion and a previous one, its leased area at the park has increased 50% to 36,000 sqm (387,000 sq ft) in the last eight months. With this new agreement, GLP Park SND is 100% leased. GLP Park SND is located in Suzhou New District (SND), close to downtown Suzhou. Its best-in-class facilities and strategic location, together with the competitive cost of doing business in Suzhou, make it an ideal choice for distribution into Shanghai and throughout Eastern China.
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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