GLP signs 204,000 sq m of leases with logistics service providers

GLP said it had signed new and renewal leases with leading global third party logistics service providers across China, Japan, US and Brazil.
GLP said it had signed new and renewal leases with leading global third party logistics service providers across China, Japan, US and Brazil. PHOTO: GLP

SINGAPORE - Mainboard-listed Global Logistic Properties (GLP) announced on Wednesday (Nov 16) that is has signed 204,000 square metres of new and renewal leases with leading global third party logistics service providers across China, Japan, US and Brazil.

With these leases, signed in the past three months, GLP said it has strengthened relationships with existing customers including DHL, Hitachi Transport System, Schenker and AGV Logística.

The customers are using the facilities for domestic distribution catering to demand from the pharmaceutical, auto parts and consumer goods industries.

Said GLP CEO Ming Z Mei: "The third party logistics industry is the largest customer segment for GLP. Many companies outsource logistics and distribution functions to third party service providers to enhance operational efficiencies.

"The scale and breadth of GLP's platform generates a 'network effect' with 50 per cent of GLP's customers leasing with the company in multiple locations and 70 per cent of leasing driven by existing customers."

As of Sept 30, GLP owns and operates a global portfolio of 52 million sq m of modern logistics facilities, serving 4,000 customers.

It also operates a US$38 billion (S$53.7 billion) fund management platform, which it sees as a key area of growth.