Singapore’s GLP to buy Brazil properties for $1.36b

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Sao Paulo skyline
Sao Paulo skyline

Singapore-listed logistics firm Global Logistic Properties (GLP) said on March 6 it has agreed to buy 34 assets in Brazil for $1.36 billion, strengthening its position in South America’s largest economy. GLP will buy the properties from BR Properties, Brazil’s second largest modern logistics provider.

The portfolio comprises 1.2 million square meters of completed logistics assets that are 99 per cent leased. More than 86 per cent of the portfolio is located in Sao Paulo and Rio de Janeiro, which together generate more than 40 percent of Brazil’s GDP, GLP said in a statement.

“Following this high-quality acquisition, our completed portfolio in Brazil will increase to 2.6 million square meters. I feel particularly good about the quality and location of the facilities, as well as the strength of the tenancy and the network effect it will create when combined with our existing customer base,” said Mauro Dias, the president of GLP Brazil.

GLP said the Brazilian properties are being purchased at a yield of 9.4 per cent, making the purchase accretive.

The Singapore-listed firm, which also owns warehouses and other logistics assets in China and Japan, intends to fund the acquisition without issuing additional equity.

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Reading Time: 1 minute

Sao Paulo skyline

Singapore-listed logistics firm Global Logistic Properties (GLP) said on March 6 it has agreed to buy 34 assets in Brazil for $1.36 billion, strengthening its position in South America’s largest economy. GLP will buy the properties from BR Properties, Brazil’s second largest modern logistics provider.

Reading Time: 1 minute

Sao Paulo skyline
Sao Paulo skyline

Singapore-listed logistics firm Global Logistic Properties (GLP) said on March 6 it has agreed to buy 34 assets in Brazil for $1.36 billion, strengthening its position in South America’s largest economy. GLP will buy the properties from BR Properties, Brazil’s second largest modern logistics provider.

The portfolio comprises 1.2 million square meters of completed logistics assets that are 99 per cent leased. More than 86 per cent of the portfolio is located in Sao Paulo and Rio de Janeiro, which together generate more than 40 percent of Brazil’s GDP, GLP said in a statement.

“Following this high-quality acquisition, our completed portfolio in Brazil will increase to 2.6 million square meters. I feel particularly good about the quality and location of the facilities, as well as the strength of the tenancy and the network effect it will create when combined with our existing customer base,” said Mauro Dias, the president of GLP Brazil.

GLP said the Brazilian properties are being purchased at a yield of 9.4 per cent, making the purchase accretive.

The Singapore-listed firm, which also owns warehouses and other logistics assets in China and Japan, intends to fund the acquisition without issuing additional equity.

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