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

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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[caption id="attachment_21364" align="alignleft" width="300"] Sao Paulo skyline[/caption] 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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