GLP Leases 104,000 sqm (1.1 Million sq ft) to Five Industry Leaders in China

GLP Leases 104,000 sqm (1.1 Million sq ft) to Five Industry Leaders in China

GLP has signed new lease agreements totaling 104,000 sqm (1.1 million sq ft) with five industry leaders in China. All of the agreements, signed in July, are with repeat customers including Li & Fung, China Merchants Logistics and Itochu Logistics.

  • GLP signs new lease agreements totaling 104,000 sqm (1.1 million sq ft) with five industry leaders, including Li & Fung, China Merchants Logistics and Itochu Logistics
  • All of the agreements are signed with repeat customers
  • Consumer goods and e-commerce driving demand for GLP’s modern logistics facilities

Singapore, 12 August 2015 – GLP, the leading global provider of modern logistics facilities, has signed new lease agreements totaling 104,000 square meters (“sqm”) (1.1 million square feet (“sq ft”)) with five industry leaders in China. All of the agreements, signed in July, are with repeat customers including Li & Fung, China Merchants Logistics and Itochu Logistics.

All the customers will use the facilities to meet increasing demand driven by consumer goods and e-commerce.


Kent Yang, President of GLP China, said: “We are very excited to further expand our partnership with these repeat customers. Domestic consumption remains the key driver for GLP’s modern logistics facilities in China. These new leases demonstrate how GLP’s unrivaled network gives customers the flexibility to strengthen distribution capability in premium locations on demand. ”

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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