• GLP secures 150,000 sqm of additional land and signs new leases in Spain with customers across a range of sectors including cold storage, bodycare and supermarket retail during the year.
  • First BREAAM “Excellent” certifications in Spain secured in 2023.

GLP has today reported on its performance in Spain in 2023.

During the year, GLP successfully delivered six new state-of-the-art projects across Spain in a number of strategic locations including Sagunto, Pinto, Illescas, Santa Perpetua de Mogoda and Constantí. These warehouses, with a combined footprint of 177,000 sqm, are all state-of-the-art facilities developed with a keen focus on sustainability and energy efficiency, setting a new quality benchmark in their respective markets. Against a challenging financial backdrop, 75% of the space was leased during the year, with full occupancy anticipated by the end of the first quarter of 2024.

The most significant project delivered during the year, was G-Park Sagunto I and II which required the regeneration of degraded land, the delivery of 85,000 sqm of high-specification warehousing leased to two leading companies in the Valencian Community, and the installation of a new ~3.8 MWp photovoltaic roof-top plant by GLP Clean Energy. Romar Global Care, a leading perfumery, drugstore and cosmetics business, one of the occupiers of the site, has signed a 12 year Power Purchase Agreement for the energy from the plant with excess power to be fed back into the local grid. This project is expected to generate savings of 11,000 tons of CO2 over its useful life, equivalent to planting approximately 15,000 trees.

In addition to the delivered projects, GLP acquired new sites for logistics development, adding 150,000 sqm to the existing landbank, giving a total of 350,000 m² for future projects in Spain.

The construction of 150,000 sqm of new warehouses, 65% of which are already pre-leased, is now well-underway and is expected to be delivered in 2024.

Despite the macro-economic backdrop, GLP remains firm in its conviction that the fundamentals of the logistics market remain strong in Spain supported by the ongoing trends to near-shore, maintain higher stock levels and the continuing rise of e-commerce. The company has faced the challenges with determination, focusing on the development of new logistics space to meet the growing demand.

In terms of workforce, GLP remains committed to the ongoing development and growth of its highly specialised in-house team, complemented by a virtual team of experts in key areas such as legal, marketing, project management, property management and financial support.

During this year, GLP also obtained its first BREEAM Excellent certifications, recognised as the standard for all developments from 2023, which strengthens its position in the market and reaffirms its commitment to sustainability and ESG criteria.

Óscar Heras, Director of GLP Spain commented: “We close the year with a great sense of satisfaction, exceeding our expectations and consolidating our position as leaders in the Spanish logistics market because, at GLP, our dedication to excellence is non-negotiable. Despite the challenges we faced throughout 2023, we are prepared to provide the best service to our customers and investors throughout 2024. We firmly believe in our ability to adapt and continue to grow.”



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Carlota Pérez Martínez | [email protected] | 662 20 24 43