GLP

GLP: has signed an agreement with BMW Brilliance Automotive – the JV btwn BMW and Brilliance Auto which produces BMW cars for the Chinese market - to develop their largest distribution centre in China. The 75k sm built-to-suit facility at GLP Park Lingang in Shanghai will be developed in phases, with the first phase comprising 55k sm gfa to commence construction this yr. BMW Brilliance already uses GLP’s facilities through other suppliers and this deal serves to strengthen the relationship further. The auto parts industry is a key driver of demand for GLP, thanks to the strong domestic consumption, and now represents 9% of GLP’s total leased area in China. GLP’s advantage lies in its very strong logistics network and reliability within the industry. GLP trades at 15.3x P/E, 1.3x P/B.