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Singapore-listed Global Logistics Properties (GLP) has signed new leases totalling 1.9 million sq ft in the past three months, revealed an SGX filing on Monday (16 October).
The industrial facilities were rented out to third-party logistics (3PL) service providers in the US, Brazil and China to meet end-user demand from various industries like food, technology, consumer goods, and life science.
In the US, 140,000 sq ft of warehouse space was leased to a new unnamed 3PL client catering to the technology sector, while 169,000 sq ft of space was rented out to a new client in Brazil, Ellece Logistica, which is utilising the facility to serve the food industry.
Over at China, 1.5 million sq ft of logistics space was occupied by five customers. Among them is BEST Inc and Suning. The former is GLP’s biggest customers there in terms of leased area, while the latter is one of China’s top high-tech online-to-offline retailers
“GLP’s modern logistics facilities are an important part of an efficient distribution network that adds value and drives higher service quality for our customers,” said GLP’s Chief Operating Officer Stephen Schutte.
“The global shift towards e-commerce is changing the requirements for the location and design of logistics facilities and GLP has stayed at the forefront by anticipating and adapting to our customers’ changing needs; providing solutions instead of just properties,” he noted.
Aside from being the leading global provider of modern logistics facilities, GLP is also one of the biggest property fund managers in the world, with assets under management (AUM) of about US$39 billion (S$52.69 billion).
This article was edited by Keshia Faculin.
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