GLP

GLP: Leased 13,000 sqm of space at GLP Chikushino to a new customer, CL Co. The new lease raises occupancy at GLP Chikushino to 100%. CL Co is an expanding 3rd-party logistics company that deals with consumer and pharmaceutical products, which will utilize GLP Chikushino as its main distribution center within the region. GLP has been undergoing a strong leasing momentum for its China and Japan properties. Market watchers see strong demand growth in the global logistics space, supported by the rising global e-commerce trend. However, continued positive operational developments does not come cheap. At $2.88, GLP trades at a valuation of 33.3x forward P/E, which is higher than one standard deviation above its historical average of 25x.