GLP Europe sets development record and leases over 1 million SQM in 2021
- Leased 1.28 million SQM in 2021 – a 64% increase compared to 2020
- Accelerated acquisitions and completed developments over the last two years
GLP, a leading investor and developer of logistics warehouses and distribution parks, announced record progress on investment, leasing and development activity in 2021, significantly expanding its presence across Europe.
GLP saw high levels of activity and growth across its European business over the past twelve months. Total Assets under Management (AUM) as at 31 December 2021 was €14.3bn ($16.2bn) with an operating portfolio of 6.4 million SQM, comprising 216 properties and a further 21 under development. This compares to 31 December 2020, when GLP’s Total AUM was €10.3bn ($12.7bn) with a portfolio of 4.9 million SQM across 171 properties.
In response to the continued growing demand for logistics space, GLP has accelerated its development programme, starting 27 new projects comprising 688,000 SQM of new space across Europe – a new record for GLP. This takes GLP’s total completed assets to 5.6 million SQM at the end of 2021, compared to 2.4 million SQM at the end of 2019.
GLP’s leasing activity has been equally strong, with a total of 240 customers across its portfolio at the end of 2021, compared to 82 in 2019. In 2021, GLP agreed new or expanded leases on 1.1 million SQM of logistics space, up from 683,000 SQM in 2020 and 462,000 SQM in 2019. In addition, GLP renewed leases on 198,000 SQM of space – nearly double its 2020 figures. Today, GLP’s retention rates stand at 74% across Europe with a lease ratio of 97%*.
GLP has had continued success supporting customers from outside the EU to enter European markets. In 2021, GLP agreed 14 leases to non-European customers compared to 8 in 2020.
Nick Cook, President, GLP Europe, commented: “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 macro-economic challenges. We are particularly pleased to see the continued confidence that our customers place in us reflected in our high occupancy and retention rates. We are grateful to our extraordinary team for delivering these results in such difficult conditions.”
*The Lease Ratio is the area that GLP has let relative to the total leasable area that GLP has for assets that can be leased. The lease ratio was calculated by summing the total area of stable assets that have been leased and dividing this by the GLA (Gross Leasable Area) of these stable assets.
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