Global Logistic Properties (GLP) announced on Thursday that "its beloved and respected leader" Jeffrey H. Schwartz passed away on Wednesday.

He is survived by his wife, Carole, his four children, Heather, Sophia, Ian and Myles, and his daughter-in-law Lucia.

Ming Z. Mei, GLP co-founder and chief executive officer, said, "We are all deeply saddened by the death of my mentor, my partner, and most importantly my closest friend. His vision was key in making GLP the Company that it is today.

"I am honored to continue his legacy. He will be greatly missed by our Company, its stakeholders, our employees and the industry overall."

The mainboard-listed company, which provides modern logistics facilities in China, Japan and Brazil, said earlier this month that Mr Schwartz would be taking time off work to focus on his health.