GLP

GLP: Leases 17,000 sqm space to Japan's largest manufacturer and seller of sporting products at GLP Okegawa in Greater Tokyo. Occupancy at GLP Okegawa will become 100% leased after the agreement with the undisclosed tenant, which will use the facility as its largest distribution centre in Japan. In Japan, GLP is currently the market leader with 3.7m sqm gfa of completed logistics facilities, followed by Prologis and Daiwa House with 2.4sqm and 1.1m sqm respectively. GLP targets the fast-growing 3rd-party logistics (3PL) market in a country with scarce modern logistics facilities. Recent selected brokers’ ratings as follows: CLSA reiterates Conviction Buy with TP $3.40 DBS Vickers maintains Buy with TP $3.31 JP Morgan reiterates Overweight with TP $3.15 Credit Suisse maintains Outperform with TP $3.15