GLP's robust leasing momentum continues with seven new leases

New leases totalled to 160k sqm.

Global Logistics Properties is firing on all fronts with seven new leases totalling to 160k square meters in 2015. The new leases were inked with major customers in China and Brazil.

GLP’s new leases totalled to 63k with four customers in China, coupled with new leases totaling to 97k with three new customers in Sao Paulo, Brazil.

According to OCBC, these new leases allows GLP to cement its position in key growth market. The new deals also point to steady leasing momentum in China where growing domestic consumption continues to drive demand for modern logistic facilities.

OCBC also noted that GLP’s recent acquisition of a US$8.1b logistics portfolio in the US will allow it to establish scale rapidly in the US given the quality of the assets and improving market fundamentals in the country.

“We continue to like GLP for its leading position in key markets with positive e-commerce trends and growing demand for logistics facilities. As at end Dec-14, the group also sits on a healthy balance sheet with a net cash position,” stated OCBC.