Industrial and logistics developer GLP has reported record levels of leasing and investment activity in its European business, as it ramps up its development programme on the Continent to cater to surging demand.
The European arm’s total assets under management tallied €14.3bn (£11.7bn) as at 31 December 2021, up from €10.3bn at the end of 2020. Its operating portfolio, which now has 216 properties and a further 21 under development, measures around 68.9m sq ft. This has risen from 52.7m sq ft across 171 locations in the previous year.
GLP said it has sped up its development programme in response to growing demand for logistics space. It started a record 27 new projects totalling 7.4m sq ft across Europe during the period, taking its total completed assets to 60.2m sq ft at the end of 2021. This compares with 25.8m sq ft at the end of 2019.
Leasing activity was equally strong, with GLP agreeing new or expanded leases on 11.8m sq ft of logistics space, up from 7.4m sq ft in the previous year and nearly 5m sq ft in 2019.
The business also renewed leases on 2.1m sq ft of space, nearly doubling its equivalent in the previous year. GLP agreed 14 leases to new market entrants based outside Europe, up from eight in 2020.
Its occupier count reached 240 across its portfolio at the end of 2021, compared with 82 in 2019. Retention rates stood at 74% across Europe.
Nick Cook, president of GLP Europe, said: “The growth of GLP has been fantastic to be a part of. We sit within one of the most important sectors in the global economy, and one which has come to the fore over the past two years.
“Our development and leasing activity reflects the strength of the logistics market, despite broader macroeconomic challenges.”
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