Singapore, 7 March 2024 – GLP Pte. Ltd. (“GLP” and with its subsidiaries the “Group”), a leading global business builder, owner, developer and operator of logistics real estate, digital infrastructure, renewable energy and related technologies announced strong performance across its dedicated operating platforms in 2023. Highlights include:

  • Logistics real estate: Resilient and stable operations with 92% lease ratio and 30.7 million square meters (“SQM”), or approximately 330 million square feet (“SF”), of leases signed in 2023, up 4% from the prior year
  • Digital infrastructure: Launched Ada Infrastructure with 850 MW of secured IT capacity across Japan, the UK and Brazil, and reached 320 MW in-service data center capacity in China
  • Energy transition: Installed 890 MW of renewable energy capacity across our portfolio, a 27% increase from the prior year

“We remain positive about the new economy sectors in which we invest and are confident in their long-term potential, despite ongoing economic volatility,” said Ming Mei, Co-Founder and CEO of GLP. “We continue to make progress as a global business in our growth and deleveraging goals, and we believe we are well-positioned in logistics, data centers and renewable energy – high-demand, long-tail asset classes supported by secular tailwinds. The synergy created when we pair the investment and asset management experience of GLP Capital Partners (“GCP”) with GLP’s capabilities as a global business incubator and operator, allows us to continue to build and scale high-quality platforms to create value for our customers and stakeholders.”


Logistics real estate proves resilient

GLP leased 30.7 million SQM of logistics space in 2023, a 4% increase year-over-year (YoY), with the Group’s lease ratio stable YoY at 92% as of 31 December 2023. The Group’s weighted average lease expiry (“WALE”) remains healthy at 3.5 years, unchanged YoY, with same-property net operating income growth (“SSNOI”) of 2.5% which was driven largely by China and partially lifted by top-tier markets in Europe and the US, where GLP’s high-quality asset base and asset management and leasing capabilities have driven strong realized rental growth. Japan remains one of the Group’s most stable markets with a 100% lease ratio and 2.1 million SQM of leases signed in 2023, up 35% YoY.

GLP’s modern logistics facilities and value-adding property management services continue to attract repeat customers. Global customers utilizing GLP facilities in more than one country accounted for approximately 20% of GLP’s total net leasable area.

Demand from third-party logistics customers (“3PLs”) remains strong due to their integral role in the ongoing modernization of global supply chains. E-commerce businesses are also continuing to expand their global fulfilment capabilities and remain a key customer segment.

In China, the transformation and upgrading of traditional manufacturing industries continues to accelerate and the Group continues to see incremental demand from advanced research and manufacturing (“ARM”) industry tenants including electric vehicle producers and smart manufacturing tenants. The Group recently closed on a $350 million value-add fund which will target industrial park investments with an ARM focus in China’s core economic hubs.

Many markets continue to experience strong demand for cold storage facilities. In China, GLP is one of the largest end-to-end cold chain logistics operators, managing over 1.6 million SQM of cold storage space across 36 cities and serving more than 600 customers. In Japan, GLP broke ground on two purpose-built cold storage logistics facilities, GLP Kobe Sumiyoshihama and GLP Rokko V, which will provide 55,000 SQM of refrigerated space in total.


Global demand accelerates scaling of data center operations

The growth of the digital economy and AI revolution are creating unprecedented demand for data centers, especially from global hyperscale providers such as Microsoft, AWS, and Google. In 2023, GLP launched Ada Infrastructure (“Ada”), a global data center platform with 850 megawatts (MW) of secured IT capacity across seven in-flight campuses in Japan, the UK and Brazil, and nearly 1.5 gigawatts (GW) of total future capacity. With its design, leasing, delivery and operations capabilities, the in-house team is focused on delivering sustainably built, safe, secure and reliable digital infrastructure for both hyperscale and enterprise customers.  During the third quarter, Ada broke ground on the first of three 10+ MW data center buildings at its Tokyo West 1 campus, totaling 31 MW IT capacity.

In China, GLP is one of the country’s foremost independent hyperscale and colocation providers with 1.4 GW of secured IT capacity including 12 operational data centers providing over 320 MW of in-service capacity to customers including financial, internet, e-commerce, hyperscale cloud services and AI enterprises. This year the team secured a new client commitment from EB Tech (英博数科), one of the top AI and cloud services companies serving the Beijing market.

The team continues to lead the industry with innovation and sustainability, achieving LEED Gold certification for Changshu Southeast Data Center and LEED Platinum for Beijing Yizhuang Data Center, and the top prize at the CDCC Data Center Technology Awards for its innovative liquid cooling solutions.


Preparing for the great energy transition

Investors and customers are increasingly prioritizing renewable energy as part of their commitments to decarbonize their supply chain and the Group’s ability to source renewable energy for its logistics and data center customers continues to be a key differentiator. GLP is progressing the development of a multi-gigawatt renewables portfolio and as of 2023, has installed more than 890 MW of renewable energy capacity globally. In China, the Group has delivered its first two wind power projects totalling over 60 MW in Shanxi and Henan Provinces and established a RMB 4 billion energy transition fund to invest across wind, solar and energy storage solutions.

In Europe, the corporate power purchase agreement (PPA) market continues to gain pace due to increasing corporate demand for sustainable and economical energy solutions. GLP Europe signed PPAs in Spain and the Netherlands in 2023 and sees attractive opportunities to further scale its onsite rooftop solar business in Europe to capture significant off-taker demand.

The Group has dedicated internal teams who can provide end-to-end capabilities across the energy transition value chain – from land sourcing to project development, as well as the operation and maintenance of renewable energy infrastructure assets.

Through its private equity investment vehicles, the Group has also successfully invested in EV infrastructure including EV car manufacturers, battery manufacturers, charge-point operators as well as energy-as-a-service software providers.

Rows of solar panels on top of a GLP warehouse stretching off into the distance beneath a cloudy sky.

Sustainability and ESG

The Group continues to increase the number of green building certifications in its portfolio as part of its commitment to incorporating green building standard requirements for new developments and improving the sustainability performance of its existing assets. GLP Chengdu Xinjin Park in China received the BREEAM In-Use Outstanding Certification in recognition of its sustainable operations and excellent asset management, and in the US, a group of warehouses at TS Corporate Park in Tualatin, Oregon achieved LEED Certification. The Group also developed a proprietary global lifecycle assessment framework to support a more structured approach to reducing embodied carbon emissions from the Group’s development portfolio.

In 2023, the Group also launched the Jeffrey H. Schwartz Foundation (“The JHS Foundation’), a global charitable foundation to honor the legacy of GLP’s late co-founder Jeffrey H. Schwartz. A Global “Day of Giving” was held as the foundation’s first coordinated activity, where over 900 employee volunteers participated in more than 3,800 collective hours of service to programs to bolster education, protect the environment and support equity.


Capital management

The Group remains committed to its disciplined liability management program, focusing on a capital recycling strategy and an asset-light approach. In the last three months, the Company has repaid over US$1.6 billion of maturing debt. The Group continues to benefit from good access to diversified sources of capital and is well supported by long term relationship banks globally and regionally, with ample liquidity to fund its upcoming debt maturities and operational needs.




About GLP

GLP is a leading global business builder, owner, developer and operator of logistics real estate, data centers, renewable energy, and related technologies. GLP’s deep expertise and operational insights allow it to build and scale high-quality businesses and create value for its customers. GLP owns and operates assets and businesses in 17 countries across Asia, Europe and the Americas. GLP Capital Partners, a global alternative asset manager, is the exclusive investment and asset manager of GLP. To learn more about GLP, visit


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