GLP acquires 448,000 sq ft facilities for US$33m in Chicago

GLOBAL Logistic Properties (GLP) has acquired 448,000 square feet (42,000 square metres) of distribution facilities for US$33 million in two transactions in Chicago.

The buildings were acquired from institutional owners and comprise multi-tenant assets that are fully leased to new and existing GLP customers,it said in a filing to the Singapore Exchange (SGX) after market close on Wednesday.

With the addition of these two facilities, GLP now owns over 11 million sq ft space in the Chicago market.

The first asset is a fully leased 308,000 sq ft distribution building in Bedford Park, an in-fill sub-market located near Chicago's Midway Airport, which is home to major FedEx, UPS and USPS facilities, along with the CSX intermodal.

The second is a fully leased 139,000 sq ft distribution building in Western Cook County. The location offers immediate access to Chicago's urban population density with proximity to major highways.

Currently, GLP's portfolio in the US comprises 173 million sq ft of modern logistics facilities.

On Wednesday, GLP's share price fell by 2 Singapore cents, or 0.77 per cent, to close at S$2.580 before the announcement.