GLP

Brazil / GLP: two workers were killed on Wednesday after a crane toppled, crushing a portion of the Itequerao stadium, one of 12 being built for the opening game of the football World Cup in Sao Paulo next year. Fifa, the sport’s governing body has demanded that all work be finished by the end of next month, but several stadiums are already behind schedule. The accident casts another shadow over Brazil’s preparations for the World Cup, which have been plagued by delays, accidents, cost overruns and public anger over govt waste that led to nationwide protests last year. GLP’s Brazil portfolio size currently stands at 2.1m sqm, with pro-rata valuation of US$644m (~6% of group gross asset valuation). Investors remain hopeful that GLP can replicate the success with Brazil, that it achieved developing logistic properties in China and Japan. GLP’s consensus RNAV stands at $3.30.