GLP Leases 36,000 sqm (388,000 sq ft) to Vipshop in China
GLP has signed an agreement with Vipshop, one of China's leading e-commerce companies, to lease 36,000 sqm (388,000 sq ft) at GLP Park Huangpi in Wuhan, Midwestern China. GLP Park Huangpi is now 100% leased, just one month after completion.
- Vipshop, a leading e-commerce company, leases 36,000 sqm (388,000 sq ft) at GLP Park Huangpi in Wuhan, Midwestern China
- GLP Park Huangpi is 100% leased within one month of completion
- E-commerce continues to drive demand for modern logistics facilities
Singapore, 26 February 2014 – Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil, has signed an agreement with Vipshop (vip.com), one of China’s leading e-commerce companies, to lease 36,000 square meters (“sqm”) (388,000 square feet (“sq ft”)) at GLP Park Huangpi in Wuhan, Midwestern China. GLP Park Huangpi is now 100% leased, just one month after completion.
Vipshop will use the facilities at GLP Park Huangpi to expand its distribution capability amid growing e-commerce sales across China. With the signing of this agreement, Vipshop becomes GLP’s third largest customer in China, with a total leased area of 180,000 sqm (1.9 million sq ft) across three cities. This includes a 60,000 sqm (646,000 sq ft) build-to-suit (“BTS”) facility at GLP Park Dianshanhu that the company expects to begin using in May 2014.
Kent Yang, President of GLP China, said, “We are excited to extend our partnership with Vipshop to Midwestern China. E-commerce is playing an important role in the increase in domestic consumption in China and is a key driver of demand for modern logistics facilities. We look forward to supporting Vipshop as they continue to grow across China.”
Eric Shen, CEO of Vipshop, said, “High quality logistics facilities and professional service are important for Vipshop’s operations. GLP understands our requirements, and their network and scale enable us to quickly ramp up our business in an efficient way. GLP is a valuable partner, and they continue to exceed our expectations.”
Located in the Wuhan Airport Economic Zone, GLP Park Huangpi is about four kilometers away from Wuhan Tianhe International Airport and 15 km away from downtown Wuhan. With immediate access to three inter-provincial expressways, GLP Park Huangpi is an ideal location for 3PLs, manufacturers, retailers and e-commerce companies.
Vipshop is China’s leading online flash sales retailer, offering popular branded products to consumers throughout China at a significant discount to retail prices. Founded in 2008 and headquartered in Guangdong, Vipshop was listed on the New York Stock Exchange in March 2012.
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 more than 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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