GLP Acquires 448,000 sq ft (42,000 sqm) through Two Transactions in Chicago
GLP expands US footprint with two opportunistic acquisitions in Chicago:
- 308,000 sq ft (29,000 sqm) in Bedford Park
- 139,000 sq ft (13,000 sqm) in Western Cook County
Both multi-tenant assets are 100% leased to new and existing GLP customers
Chicago, 1 February 2017 – GLP, a leading global provider of modern logistics facilities, has acquired 448,000 square feet (“sq ft”) (42,000 square meters (“sqm”)) of distribution facilities for US$33 million. The buildings were acquired from institutional owners in two separate transactions and comprise multi-tenant assets 100% leased to new and existing GLP customers. With the addition of these two facilities, GLP now owns over 11 million sq ft (1 million sqm) in the Chicago market.
The first asset is a fully leased 308,000 sq ft (29,000 sqm) distribution building in Bedford Park, a desirable in-fill sub-market located near Chicago’s Midway Airport, which is home to major FedEx, UPS and USPS facilities, along with the CSX intermodal.
The second asset is a fully leased 139,000 sq ft (13,000 sqm) distribution building in Western Cook County. The location offers immediate access to Chicago’s urban population density with proximity to the I-290, I-294 and I-88 highways leading to excellent labor supply while serving as an ideal choice for “last-mile” delivery to consumers.
Amy Curry, GLP’s Eastern Regional Director, said,“The quality and location of these two facilities complement our Chicago portfolio well. GLP remains on the lookout for opportunistic assets that will strengthen our network of state-of-the-art logistics facilities to better serve customers across the US.”
Currently, GLP’s portfolio in the US comprises 173 million sq. ft. (16 million sqm) of modern logistics facilities. GLP is also the largest provider of modern logistics facilities in China, Japan and Brazil.
About GLP (www.glprop.com)
GLP owns and manages a global portfolio of 53 million square meters, with dominant market positions in China, Japan, US and Brazil. Domestic consumption is a key driver of demand for GLP.
The Company is one of the world’s largest real estate fund managers, with assets under management of US$39 billion.
GLP is listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP).
GLP Investor Relations & Media Contact:
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
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