GLP has signed 204,000 sq m (2.2m sq ft) of new and renewal leases with global 3PL service providers across China, Japan, US and Brazil. With these leases, signed in the past three months, GLP strengthens relationships with existing customers including DHL, Hitachi Transport System, Schenker and AGV Logística. The customers are using the facilities for domestic distribution catering to demand from the pharmaceutical, auto parts and consumer goods industries.
Ming Z. Mei, CEO of GLP, said, “The third party logistics industry is the largest customer segment for GLP. Many companies outsource logistics and distribution functions to third party service providers to enhance operational efficiencies. GLP’s modern logistics facilities form an important cornerstone of an efficient distribution network which creates value and delivers higher service quality to our customers.”
GLP’s platform generates a “network effect” with 50% of GLP’s customers leasing with the company in multiple locations and 70% of leasing driven by existing customers.