GLP

GLP: Macquarie likes GLP's entry into the US , backed by the US$8.1b acquisition and co-investment with GIC for one of the largest logistics real estate portfolios in the US. The acquisition price stands at a significant discount to replacement cost, and the in-place rents are estaimted at ~7% below market. The portfolio, which is spread across 36 sub-markets in the US, is 90% leased with a near term target to reach 95%. With 117m sf of space, this puts GLP as the third largest player in the US logistics space, after Prologis and Duke. Macquarie has a TP of $3.26 on GLP.