GLP signs 106,000 sq m of leases with service providers in China

SINGAPORE - GLP, a provider of modern warehouse facilities, has signed 106,000 sq m (1.1 million sq ft) of new leases with third party logistics (3PL) companies in China over the past two months.

The customers are serving domestic distribution demand from the express delivery and less-than-truckload sectors, GLP said in a release on Tuesday (Feb 21).

With these leases, mainboard-listed GLP said it has gained a new customer in logistics start-up Yimidida, while extending partnerships with three existing 3PL customers, including Best Logistics.

Mr Victor Mok, co-president of GLP China said: "The fundamentals of China's logistics market remain strong, driven by continued growth of organised retail including e-commerce. We see new customers emerging, including aggregators of previously fragmented operations."

GLP, the target of a buyout bid led by a Chinese private equity group, owns and manages a portfolio of 54 million sq m, focussed in China, Japan, US and Brazil.

The company is also one of the world's largest real estate fund managers, with assets under management of US$38 billion (S$54 billion).