GLP Forecasts Strong Monetizations as Strong Fundamentals and High Demand Continues for Quality Logistics Assets

GLP Forecasts Strong Monetizations as Strong Fundamentals and High Demand Continues for Quality Logistics Assets

  • GLP well under way with programmatic recycling of matured balance sheet assets as it transitions to asset light business model and focuses on high demand new economy sectors
    - ­Group anticipates securing asset monetizations in excess of US$10 billion in the coming months
    - ­US$3.4 billion executed and contracted YTD, US$3.5 billion in advanced stages and the remainder subject to multi-track transaction processes with key strategic partners


Singapore, 9 October 2023 - GLP Pte. Ltd. (“GLP” and with its subsidiaries the “Group”), a leading global business builder, owner, developer and operator of logistics real estate, data centers, renewable energy and related technologies with over $50 billion of assets on balance sheet, continues to strengthen its market leadership in new economy sectors bringing over $10 billion of assets to market as demand for these assets increases and as part of the Group’s capital recycling plans. Global secular trends including strong e-commerce growth, decarbonization and energy transition, and high demand for data storage due to increased enterprise adoption of cloud and artificial intelligence, continue to fuel high demand for logistics real estate, renewable energy and data centre assets and enables the Group to accelerate its programmatic asset monetization strategy and recycling of capital into deleveraging.

The Group expects to secure asset monetizations in excess of US$10 billion in the coming months, predominantly in logistics assets, of which US$3.4 billion has been executed and contracted year to date, US$3.5 billion is in advanced stages of execution and the remaining assets are subject to multi-track competitive sales processes including with key strategic partners to optimize value, timing and transaction certainty.

“Our strong execution year to date as well as ongoing discussions with investors validates the quality and value of our owned asset portfolio. Logistics sector performance has been resilient, especially relative to other real estate sectors, with stable and visible returns on our completed assets driven by secular demand growth. It remains the sector of choice for real asset investors, and particularly for assets in China which are in high demand from domestic institutions and insurance companies that are looking to match liabilities with resilient and high-yielding investments. Logistics remains one of our highest conviction investment themes globally. We remain firmly committed to delivering on our asset monetization targets and using the proceeds to support deleveraging as we position the company for its next stage of growth and continued value creation for our customers and stakeholders”, said Ming Mei, Co-Founder and Chief Executive Officer.

GLP announced its financial results on 29 September, increasing revenues and underlying EBITDA year on year, and with net leverage at 25%. Fundamentals in its logistics business remain very strong, driven by GLP’s differentiated property management expertise and local know-how. GLP delivered same property net operating income growth of over 3% as at the first half of 2023, significantly outperforming the market, global lease ratio of 90%, completed GFA 13% up year on year, an increase in retention ratio to 75% and new and renewal leases also up 6% YOY. The resilient and positive leasing outlook was boosted by high-tech manufacturing growth and demand from cross-border e-commerce customers. These strong operational results and resilient sector fundamentals are fueling the demand for assets and GLP’s asset monetization program, and the Group continues to maintain access to diversified sources of capital.

Notable asset monetization YTD in 2023 included more than 2 million sqm of stabilized logistics and industrial assets in China, and two prime Tokyo land sites totalling over 520,000 sqm which will be developed into new mega-scale industrial parks GLP Alfalink Akishima and GLP Alfalink Amagasaki.

About GLP
GLP is a leading global business builder, owner, developer and operator of logistics real estate, data centers, renewable energy, and related technologies. GLP’s deep expertise and operational insights allow it to build and scale high-quality businesses and create value for its customers. GLP owns and operates assets and businesses in 17 countries across Asia, Europe and the Americas. GLP Capital Partners, a global alternative asset manager, is the exclusive investment and asset manager of GLP. To learn more about GLP, visit

Debt Investor Contact:
Edwin Tey
SVP, Global Treasurer

Media Contact:
Faye Kwan
VP, Global Communications

This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," “intends,””foresees,” “estimates,” “projects,” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.