GLP

GLP: Beneficiary of the e-commerce boom in China, GLP has extended its partnership with COFCO group's B2C e-commerce platform, Womai, with a lease for 30,000 sqm of space at GLP Park Langfang, Northern China. Due to GLP Langfang's strategic location, Womai intends to establish a regional distribution center serving consumers in Northern and Northeastern China. This brings COFCO group's leases for GLP facilities across three cities in China. COFCO is China’s largest food processing, manufacturing and trading company. The stellar e-commerce growth in China will inevitably have a knock-on effect on GLP, as the e-commerce operators scramble to rapidly expand their distribution network and capability, leading to a scarcity of the high-end, modern logistics facilities that GLP develops and operates across the key cities in China. At $2.93, GLP still trades at a 11% discount to the consensus RNAV of $3.30. Counter remains a key constituent in Market Insights model Growth portfolio.