GLP

GLP: Further inroads into Brazil, as the grp announced that it expects to invest at least 1b Brazilian reais (S$620m) in the next two years to expand its business in Latin America’s biggest economy. GLP paid about 3b Brazilian reais last ar to become one of the country’s leading operators of logistics real estate. It bought 35 properties from Hemisferio Sul Investimentos, a real estate private-equity firm, giving it about 11.8m sq ft of warehouses and distribution centres in Brazil. This year, GLP plans to spend about 1b Brazilian reais to start construction on an additional 10.8m sqft, with completion of those projects expected during the next four yrs. The co is also studying other opportunities, which could increase investment beyond 1b Brazilian reais. GLP expects domestic consumer spending — especially the rise of e-commerce — to drive demand for the co’s properties. It plans to focus on Sao Paulo and Rio de Janeiro because that is where consumer markets are most developed. Add that the dearth of good properties in Brazil means GLP’s expansion will likely be in greenfield projects.