Global Logistic Properties Distribution facility space to grow
January 20, 2010, Wednesday
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Print Edition
Print Edition
GLOBAL Logistic Properties, Asia's largest industrial and logistics infrastructure provider, said yesterday it plans to expand its China portfolio by at least 1 million square meters annually over the next few years amid robust domestic demand.
"We aim to have a total of 5 million square meters of distribution facilities either completed or under construction across the country by the end of this year," said Ming Z. Mei, president of GLP, the former unit of ProLogis's Asian operations. "Among that, about 80 percent of them will be in first and second-tier cities."
By December 31 last year, GLP ran a portfolio of 3.76 million square meters of distribution facilities in 18 Chinese cities.
While traditional industrial and logistics infrastructure development remains its core business now, the company is making an attempt to expand its portfolio of distribution facilities specifically catering to high value-added industries such as pharmaceutical and auto companies.
Under an agreement signed yesterday, Shanghai Pharmaceutical Co Ltd, the country's leading medical company, leased a total of 15,600 square meters of space in GLP's two logistics parks in Shanghai and Suzhou.
"We aim to have a total of 5 million square meters of distribution facilities either completed or under construction across the country by the end of this year," said Ming Z. Mei, president of GLP, the former unit of ProLogis's Asian operations. "Among that, about 80 percent of them will be in first and second-tier cities."
By December 31 last year, GLP ran a portfolio of 3.76 million square meters of distribution facilities in 18 Chinese cities.
While traditional industrial and logistics infrastructure development remains its core business now, the company is making an attempt to expand its portfolio of distribution facilities specifically catering to high value-added industries such as pharmaceutical and auto companies.
Under an agreement signed yesterday, Shanghai Pharmaceutical Co Ltd, the country's leading medical company, leased a total of 15,600 square meters of space in GLP's two logistics parks in Shanghai and Suzhou.
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