GLP has signed 128,000 sq m (1.4m sq ft) of new leases in China and Japan. The customers are using the facilities for domestic distribution catering to demand from the auto parts, e-commerce and consumer goods industries.
52,000 sq m (560,000 sq ft) were leased to two global auto makers in China. One facility is being used for research and development and another for storage and distribution of auto parts.
46,000 sq m (490,000 sq ft) were leased to two e-commerce companies, one of them being Vipshop in China.
30,000 sq m (320,000 sq ft) in Japan related to demand from the consumer goods sector including electronics and food.
Ming Z. Mei, Chief Executive Officer of GLP, said: “Domestic consumption is the key driver of our business, with 90% of our portfolio globally occupied by customers geared towards domestic consumption demand. With the expansion of organized 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.”