GLP to Develop Flagship Warehouse in Asia
Singapore-listed warehouse operator Global Logistic Properties has signed an agreement with sportswear manufacturer Adidas to develop its largest distribution center in Asia.
GLP said it was seeing "strong growing demand for logistics facilities" in China to serve retailers and domestic consumption. To meet that growing demand, Adidas is doubling its space in GLP's warehouses in Suzhou, China. It will be GLP's first facility in China built to the Leadership in Energy and Environmental Design Gold (LEED) standard. LEED is a global standard that is used to measure performance of green buildings.
The company is set to change ownership after a consortium of Chinese investors offered to buy it for SGD15.8 billion (USD11.5 billion). The investor group comprises Hopu, Hillhouse Capital, Bank of China Group Investment, Vanke and SMG, which is owned by GLP chief executive Ming Mei.
- APMR News