Global Logistics Properties anchors growth in China
Its rental growth in the Asian powerhouse reached 21%.
It seems like the only market keeping Global Logistics Properties (GLP) optimistic is in China.
According to CIMB, GLP's performance in China is still the main driver of the group. The group's operation in the said country is supported by rental growth and active leasing.
The growth in China sits at 21% to US$38m, accounting for 44% of core earnings. This is underpinned by the 4.4% effective rent growth as well as the renewing of 1.79m sqm in Q1.
However, GLP's portfolio occupancy fell 1 ppt. to 84% due to lower lease ratio of stabilisations.