GLP Leases 106,000 sqm (1.1 Million sq ft) in Brazil to Riachuelo
GLP has leased 106,000 sqm (1.1 million sq ft) to Riachuelo at GLP Guarulhos in São Paulo. The customer is the largest fashion retail company in Brazil.
- New customer relationship for GLP
- GLP’s largest lease agreement in Brazil
- GLP Guarulhos, a 435,000 sqm (4.7 million sq ft) development to be developed in phases, is currently 100% leased
Singapore, 7 January 2014 – Global Logistic Properties Limited (“GLP”), the largest provider of modern logistics facilities in China, Japan and Brazil, has leased 106,000 square metres (“sqm”) (1.1 million square feet (“sq ft”)) to Riachuelo (“the customer”) at GLP Guarulhos in São Paulo. The customer is the largest fashion retail company in Brazil.
Jeffrey H. Schwartz, Co-Founder and Chairman of the Executive Committee of GLP, said: “We believe GLP Guarulhos is the best logistics park in Brazil in terms of building standards, location, infrastructure and space capacity. Given Riachuelo’s growth plans, the company looked not only for an optimal location but also a facility that would allow for future expansion. Our team in Brazil did an outstanding job in working closely with Riachuelo to understand, and satisfy, their near and long-term logistic requirements.”
Riachuelo is part of Guararapes Confecções S.A., the largest fashion group in Brazil with 212 stores nationwide totaling 490,000 sqm (5.3 million sq ft) of sales area and 39,000 employees. In 2013, the company opened 43 new stores. Guararapes is listed on the São Paulo stock exchange (BM&FBOVESPA: GUAR3(ON); GUAR4(PN)) and the group researches, develops, produces, distributes and finances fashion throughout Brazil.
GLP Guarulhos is part of GLP Brazil Development Partners I, in which GLP holds a 40% stake. It comprises 15 buildings to be built in phases, with a total leasable area of 435,000 sqm (4.7 million sq ft). The four completed buildings totaling 154,000 sqm of leasable area (1.7 million sq ft) at GLP Guarulhos are 100% leased.
GLP Guarulhos’ strategic location makes it an ideal hub for domestic distribution in Brazil. It is located 24 km from downtown São Paulo and 15 km from São Paulo–Guarulhos International Airport, with a private overpass access to the Dutra highway – Brazil’s most important highway linking the two major markets of São Paulo and Rio de Janeiro.
With its strategic location, expansive scale and industry-leading building specifications, GLP Guarulhos is well-positioned to be Brazil’s best master-planned logistics park.
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 22.4 million square meters (241 million square feet) is strategically located across 62 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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