GLP

GLP: plans to increase space at new projects by 20-25% pa in the next two yrs as e-commerce grows and retail chains expand. GLP is beginning construction of 2.5m sqm of warehouse space in China this yr, compared with 2m sqm a yr earlier. The group has a portfolio of ~8m sqm in China. The new space GLP will add will be split evenly between first-tier cities such as Beijing and Shanghai, and second-tier cities such as Chengdu. Logistics properties are “the most attractive real estate opportunity” in China as consumers buy more from e-commerce companies including Alibaba and Amazon, fuelling demand for storage space, according to Jones Lang LaSalle.