Global Logistic Properties buying Brazil assets for 3.18b real

GLOBAL Logistic Properties (GLP), a provider of modern logistics facilities in China, Japan and Brazil, yesterday announced it would be acquiring a portfolio of 34 assets in Brazil from Brazilian real estate developer BR Properties for 3.18 billion Brazilian real (S$1.74 billion).

The portfolio comprises 1.2 million square metres of completed logistics warehouses with a lease ratio of 99 per cent, said a GLP spokesman.

More than 86 per cent of these assets are located in the primary logistics markets of São Paulo and Rio de Janeiro, which together generate more than 40 per cent of Brazil's gross domestic product, GLP said.