GLP

GLP: Has signed a long-term lease agreement with DHL. Agreement between the two Co’s will see DHL occupying a space in Urayasu III, which has a leased area of 34,813sqm in Chiba. With the new tenant, GLP's entire Japan portfolio is now 99% leased. We note of recent high profile blue-chip tenants which GLP has secured, which included likes of UniCharm and Vancl, suggesting strong demand for grp’s logistics services.
At 99% occupancy Rate reached for grp’s Jap assets, we note the possibility that it could just be a matter of time, before grp begins the monetization of its Jap Assets into a REIT (Jap Assets valued at $7.6b) to recycle its assets and expand deeper into China, where grp tips growth to be.