Global Logistics Properties (GLP): starts construction of new logistics facilities in Beijing.
The project, with a combined floor area of 128k sm, will be built at its GLP Park Beijing Capital Airport (GPBCA), which currently serves major air freight cos such as FedEx and DHL. Construction is scheduled to be completed by Aug ‘12, and will serve as a logistics hub for non-bonded air cargo handling and logistics operations at the neighboring Beijing Capital Int’l Airport.
Mgt says, demand for more airside logistics facilities is strong, as customers have indicated strong interest in leasing ~90% of the leasable area of the new developments.
The completed properties in GPBCA are fully occupied; while the devts previously in process, prior to commencing this 128k sm project, have been 100% pre-leased and are scheduled to be completed in Sep ‘11.
Stock trades at 1.1x P/B. Recent Street ratings are at Buy/ Overweight, with TP btwn $2.57 – 3.00.
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