Singapore-based real estate firm Global Logistic Properties will lease over 1 million square feet of warehouse space to three “leading retailers” in China, according to a statement from the company.
Singapore-based real estate firm Global Logistic Properties Ltd. continues to expand its warehouse operations in China, according to a statement from the company.
GLP will lease 89,000 square meters (958,000 square feet) of warehouse space to three “leading retailers” in the country, including French big-box retailer Carrefour S.A. Carrefour is the fourth largest retail group in the world in terms of revenues after Wal-Mart, Tesco and Costco.
Part-owned by Singapore’s sovereign-wealth fund, GLP operates about 130 million square feet of logistics and warehousing facilities in China.
The announcement comes as many economists and investment analysts are expressing concern over a prolonged economic downturn in China, the world’s fastest growing consumer market, largest exporter of goods and second largest importer of goods.
“Growing domestic consumption continues to drive demand for GLP’s modern facilities across China and we are very pleased to extend our partnership with these major retail leaders and support their growth,” Kent Yang, president of GLP China, said of the new lease agreements.
Meanwhile, GLP has also leased its entire facility at Mowry Business Center #4 in Newark, Calif. to CEVA Logistics, effective Sept. 2015. Located in the Eastern San Francisco Bay Area at the northeastern end of the Silicon Valley, the Mowry facility includes 270,000 square feet (25,000 square meters) of warehousing space, and provides easy access to transportation infrastructure including major freeways, bridges, three international airports and the Port of Oakland.
The company announced in July it would acquire the U.S. logistics portfolio of Industrial Income Trust (IIT) for $4.55 billion. The acquisition of IIT’s assets enlarged GLP’s U.S. footprint by 50 percent to 173 million square feet, making GLP the second largest logistics property owner and operator in the United States within a year of market entry.
GLP expands warehousing presence in China
