GLP says that growing demand from retailers helped it to lease out 98,000 more square metres
Global Logistic Properties (GLP) announced this week that it has leased another 98,000 square metres (1.1 million square feet) of modern logistics facilities in China, as the world’s biggest developer of warehouse space continues to dominate the mainland market.
The Singapore-listed developer needed just four clients to pass the 1 million square foot threshold, with third party logistics provider Deppon Logistics, and supermarket chain Yonghui Superstores among the tenants signing leases.
“Sales of consumer goods continue to drive the demand for GLP’s modern logistics facilities in the market,” GLP China president Kent Yang said in a statement as growth in China’s retail sector continues to outstrip the growth of the broader economy.
China’s retail sales of consumer goods grew 10.2 percent year on year in the first two months of 2016, according to the latest official statistics. This growth rate compares with a predicted 6.5 to 7.0 percent increase in GDP, compared to 2015.
GLP closed on a $7 billion China logistics fund in mid-2015, as demand for warehouse space on the mainland continues to drive solid investment returns and attract new financial backers.
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