GLP

GLP: latest annoucement on the Company released, its Brazil JV delivered a 35k sm distribution centre in Brazil, which it is leasing to a leading global automotive corporation. The lease is for the first completed building at GLP Guarulhos in Sao Paulo. GLP Guarulhos will be constructed over a period of 4 yrs and will comprise 17 buildings with total GLA of up to 420k sm in total. The JV, GLP Brazil Devt Partners I was formed in Nov ’12, to acquire a portfolio of 5 devt projects in Brazil, in which GLP owns a 41.3% stake. GIC and the Canada Pension Plan Invmt Board own the remaining stakes. Counter has also been up close to 40% over the past year, and the Street has a estimate TP of $2.88 on the Counter.