GLP secures new leases totalling 98,000 sq m in China

LOGISTICS facilities provider Global Logistic Properties (GLP) has secured new leases totalling 98,000 square metres with five Chinese companies, the mainboard-listed company said in a filing to the Singapore Exchange on Monday.

The new leases are mainly related to expansion demand from the organised retail sector, including e-commerce and chain stores. Three of the leases are new customer relationships for GLP.

The customers include Cainiao, a data and technology-based logistics platform focused on e-commerce and affiliated to the Alibaba Group; Best Logistics, a leading third-party logistics provider and GLP's largest customer by leased area in China; as well as a fast growing fresh food provider serving over 10 million small and medium-sized restaurants across China.