GLP to lease Shanghai facilities to 2 firms

Global Logistic Properties has signed agreements with two firms for the lease of facilities at GLP Park Jinqiao in Shanghai.

In a news release, GLP said e-commerce solutions provider Commercial Global will take up a five-year lease for a 100,000-square-metre space to support online customers in east China.

A renowned global luxury brand will also use 10,000 square metres of GLP’s logistics facility as a distribution centre for perfume packaging materials.

The two new leases are the latest in a slew of agreements that GLP has signed in the past week.

Separately, GLP announced that it has acquired 90 per cent of the property portfolio of Italian firm Vailog S.r.I in Shanghai, China for US$60.2 million.

The properties consist of a 112,750-square-metre completed facility with full occupancy and another 37,478 square metres under construction.

Both are zoned for industrial use with 50-year tenures.

Source : Channel NewsAsia – 12 Aug 2011

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