Global Logistic Properties buys portfolio of 34 assets in Brazil for $1.74b
Published on Mar 6, 2014 8:47 AM
Singapore-listed logistics space landlord Global Logistic Properties (GLP) has agreed to buy 34 assets in Brazil for 3.18 billion Brazilian real (S$1.74 billion).
It will purchase the assets from BR Properties, the second-largest modern logistics provider in Brazil, GLP said on Thursday. The price translates into a yield of 9.4 per cent, it added.
The portfolio comprises 13 million sq ft of space that has been 99 per cent leased. More than 86 per cent of the portfolio is located in Sao Paulo and Rio de Janeiro, which together make up more than 40 per cent of Brazil's economy, GLP said.
"BR Properties' portfolio of high-quality, strategically-located logistics assets complements our existing portfolio well and will further strengthen our market leadership position in Brazil, where we feel very good about the long-term prospects," said Mr Jeffrey H. Schwartz, co-founder of GLP and chairman of its executive committee.
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