GLP

GLP: Entered conditional agreement to acquire 34 industrial and logistics assets in Brazil for US$1.36b, priced at 9.4% yield. The immediately accretive acquisition substantially adds to its completed portfolio in Brazil to 2.6m sqm (from 1.4m sqm), and will further strengthen GLP's market leadership position in the country. 86% of the 1.2m sqm total land area are located in the primary logistics markets of São Paulo and Rio de Janeiro, while the portfolio occupancy of the assets stood at 99%. GLP hopes to achieve the scale in Brazil, underpinned by the country's rising consumption and strong demand for distribution and logistics facilities. At $2.81, GLP trades at 15% discount to consensus RNAV of $3.30.