Singapore's logistics giant inks leasing deal

SINGAPORE - Global Logistics Properties, Singapore based logistic facilities provider, announced Monday new leasing agreements totaling 44,000 square meters in China's Guangdong province.

According to the company's press release, its logistics park in Guangzhou's Zengcheng leased out 30,000 square meters for five years to an anonymous customer, which claimed to be "one of the fastest developing business-to-consumer on-line retailers with an average annual growth of 300 percent for five consecutive years." After this deal, the lease ratio of logistics park in Zengcheng has raised to 93 percent.

The remaining 14,000 square meters, located in the company's logistics park in Shenzhen's Futian, was leased for three years to Feili Logistics, a third-party logistics providers focusing on one-stop bonded logistics services, freight forwarding services, transportation services and customs services.

"The new leases at our China facilities continue to grow in tandem with the increasing demand for modern logistics facilities, " said the company in an statement.

Global Logistic Properties owns, manages and leases out 438 completed properties in 163 logistics parks spread across 33 major cities in China and Japan. Its earnings before interest and taxes in financial year 2012 to the end of March was about $701 million.