Global Logistics Properties grabs 1.86m sq.m. of land in China

China portfolio jumped 32%.

According to CIMB, China continues to drive GLP’s results, with 3Q13 core EBIT up 14% yoy. More assets were completed with same store NOI up 8.7% yoy on a 89% occupancy.

GLP is guiding for a stronger demand outlook with e-commerce expanding once again in China. New and expansion leases signed in 3Q13 was 321.5k sq m, ahead of completions in the quarter.

Here's more from CIMB:

GLP was aggressive in 3Q13, acquiring 1.86m sq m of land in China, (YTD 3.86m sq m). Its China portfolio has now grown by 32% yoy to 10.3m sq m, a sign of where excess capital from its JREIT will be deployed.

Capex spend in China is expected to rise by 20-25% in the next 12 months. China is now GLP’s largest segment at an estimated 52% of GAV.

Development starts rose to 850k sq m in 3Q13 (YTD 1.6m sq m), and is on track to meet its target of 2m sq m. While GLP is in no rush to monetise assets in China, we believe a recycling platform via private funds could eventually be established and provide a driver for further growth.

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