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GLP acquires land parcel in Sao Paulo
Global Logistic Properties (GLP) has acquired a land parcel in Cajamar, Sao Paulo. The development site is fully permitted and expected to provide 818,000 sq ft of logistics space upon its completion by March 2016 (Q4 FY2016).
GLP Park Cajamar is a development under GLP Brazil Development Partners I. The project is located in the Cajamar region, one of the most important logistics sub-markets in Sao Paulo.
According to CBRE, almost half of the net absorption in the first nine months of 2014 was in the Cajamar region, largely driven by a lack of quality logistics space in the greater Sao Paulo area. GLP Park Cajamar is 30km from metropolitan Sao Paulo, with access to the Sao Paulo Ring Road and is close to the Anhanguera and Bandeirantes highways that lead to population centres in interior Brazil.
GLP Cajamar will complement GLP's existing stabilised logistics portfolio in Brazil which is 97 per cent leased.