GLP

GLP: OCBC initiated with a Buy and TP of $2.99, (pegged to RNAV), citing the group is a market leader in key markets and a proxy to e-commerce growth. GLP develops, owns and manages a 28m sqm (301m sf) real estate portfolio comprising logistics facilities strategically located across more than 60 cities, forming an efficient logistics network serving more than 800 customers. In addition, through GLP’s fund management platform, the group partners with international real estate investors to directly invest in logistics real estate. As at end Oct-2014, total assets under fund management stood at US$13.2b (on a fully leveraged and invested basis), and the group continues to foresee healthy demand from capital partners seeking to leverage on GLP’s operational expertise in logistics facilities.