Home delivery boom kicking off property scramble
London
THE home delivery boom is upending the real estate market. At the turn of the century, shoppers could wait as long as 28 days for delivery of goods they had bought online. The compression of that window to 24 hours or less is revolutionising logistics and turning industrial warehouses into desirable assets.
Singapore-listed Global Logistic Properties on Monday said that it will buy warehouse owner Gazeley for US$2.8 billion. The deal follows two recent multibillion-euro transactions in European logistics, where China's sovereign wealth fund CIC and Singapore's GIC purchased warehouse groups Logicor and P3, respectively. All are betting on the future of online retailing, which requires three times as much warehouse space to fulfil orders as bricks-and-mortar businesses, according to Aberdeen Asset Management.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters