GLP: Singapore's sovereign fund, GIC, has partnered with US industrial real estate specialist, Exeter Property Group, to invest €300m ($448m) in logistics properties in key European distribution hubs, in a bid to ride along with the growing need for space due to the booming trend of e-commerce.
Separately, GIC also acquired a landmark site in Brookefields, Whitefield in Bangalore in a joint venture with Indian property developer, Brigade Group, to develop the site into an IT special economic zone.
Meanwhile, SGX-listed logistics developer and property manager, GLP, has been underperforming for the past three quarters on downward earnings revision, due to group's lacklustre development starts and earnings dilution impact from its China stake.
Still, we continue to like GLP as a key beneficiary of the structural uptrend in China logistics, backed by an e-commerce boom. The counter remains a key constituent in Market Insight’s Growth portfolio.
Overall, the street generally remains bullish on the counter with 17 Buys, 3 Holds and 1 Sell, with an average TP of $3.09.