Thursday, December 20, 2012

Global Logistic Properties coverage

Leveraging dominant market positions
GLP has successfully built upon the original Prologis foundation of high quality industrial investment properties via development and complimentary acquisitions. GLP is the largest logistic warehouse landlord by a considerable margin in each of the markets within which it operates: China, Japan and Brazil. GLP has arguably been able to take advantage of the weakness of its peers as they struggle with de-leveraging and restructuring to aggressively build a portfolio of high quality investment properties and a market leadership position with relationships with tenants and capital partners that can be leveraged in existing and new markets to drive growth. GLP's dominant position in China should provide leverage to the growth in domestic consumption and the logistics market, both goals in the 12th five year plan.

Re-cycling capital to improve RoCE
Recently management have accelerated the development of the funds’ management platform attracting the highest quality 3rd party capital partners, which should allow GLP to re-cycle capital and create an asset light business model, boosting return on capital employed (RoCE). GLP aims to recycle capital from lower RoCE developed market Japan, to higher RoCE developing markets China, Brazil and longer term, potentially India and Vietnam. A key step of this process is currently underway with the attempted listing of a J-REIT.


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