GLP signs new leases in China and Japan to cater to higher domestic demand

GLOBAL Logistic Properties (GLP) has signed 128,000 sq m of new leases in China and Japan the past two months, fuelled by domestic demand from car parts, e-commerce and consumer goods industries.

The Singapore-listed warehouse group said that 90 per cent of its portfolio globally is occupied by customers catering to domestic consumption demand.

"With the expansion of organised retail, including e-commerce and retail chain stores, location is becoming more critical to customers than before. GLP's well-located facilities are in a strong position to benefit from these growth trends and help meet the needs of domestic consumption-led growth in our core markets," Ming Z Mei, chief executive officer of GLP, said.

GLP came under the spotlight recently after Bloomberg reported that Blackstone Group is considering an offer for the group, potentially vying with Warburg Pincus in the bidding for the US$8.6 billion warehouse operator. First-round offers for GLP are expected by the start of February.