GLP Establishes US$7 Billion CLF II, Largest
China-Focused Logistics Infrastructure Fund
21 July 2015
GLP Establishes US$7 billion CLF II
Overview of
CLF II
 US$7 billion fund – Seven leading global institutions investing alongside GLP to develop modern
logistics facilities in China
 GLP China is manager and holds 56% stake in CLF II
 Largest China-focused logistics infrastructure fund; offering significantly oversubscribed
 Locks in long-term capital to strengthen GLP’s China development program
Higher RiskAdjusted Returns
 CLF II is more than 2x larger than CLF I given strong demand from investors. Allows GLP to
continue to enhance network effect with customers
 Fees and promotes from fund partners increase GLP’s returns by 400-500 bps1, reduce risk
 Scalable fund management platform; AUM grows 36% to US$27.1 billion
China Remains
GLP’s Primary
Market for
Development
Attractive
Development
Opportunity
1.
 Majority of GLP’s equity invested in China; GLP’s share of China development going forward
unchanged at ~45%
 CLF I has reached its investment capacity; CLF II expects to commence construction of new
developments in April 2016
 GLP’s development starts in China to grow at 30% per annum
 Limited supply of modern logistics facilities unable to meet strong leasing demand from retailers, ecommerce, consumer goods manufacturers and 3PLs
 12.1 million sqm GFA land reserve provides concrete and scalable development pipeline
Potential fees and promotes based on the AUM and fee structure of GLP’s existing development funds. Promotes assume all requisite triggers are satisfied and not discounted. No assurance can be
provided that these assumptions may materialize
2
CLF II Strengthens Unrivaled China
Network; Enhances Returns
 Transaction provides long-term capital to strengthen GLP’s market-leading position in China
 On-the-ground execution by experienced team
CLF II
Competitive Landscape
(mm sqm)
Total Equity Commitments:
US$3.7 billion
GLP Stake: 19.9%
GLP Stake: 53.1%
9.9
0.5
0.2
0.2
IDI Gazeley
0.6
Beijing Properties
0.6
ACL
0.8
e-Shang
Prologis
Goodman
Blogis
GLP
0.9
Yupei
1.5
Mapletree
1.5
Target Loan-to-Cost:
~45%
Investment Capacity:
US$7 billion1
Buildable Area:
13.0 million sqm
Seed Portfolio:
none
Investment Period:
4 years
GLP China Stake:
56%
Key Investors :
Seven leading global
investors from Asia, North
America and Middle East
including two new investors to
GLP’s fund management
platform. Four investors are
existing partners in CLF I.
Source: Company websites, various news sources, CBRE estimates based on available information
1.
When fully leveraged and invested; does not factor in potential value creation
3
GLP Ramps Up China Development with
CLF II
Highlights
 CLF II is GLP’s exclusive vehicle for
new, wholly owned logistics
development projects in China1
CLF I
March 2017 CLF
I fully
March
2017 - CLF I
leveraged
and and
fully leveraged
invested
invested
November 2013 US$3b CLF I
established
 Similar fee structure for CLF I and CLF
II
 Two-thirds of CLF I investors have also
invested in CLF II
 No seed portfolio for CLF II
 CLF II investment period is 4 years
given larger size
March 2014 4QFY14
- CLF I - CLF I
investment
investment capacity
capacity fully
fully utilized
utilized
CLF II
2QFY16 July 2015US$7.0b
- US$7bCLF
CLF II established
II established
March 2020 - CLF II fully
leveraged and invested
April 2016
- CLF
II
1QFY17
- CLF
II begins
begins
construction
construction
March 2013
1.
March 2014
March 2015
March 2016
March 2017
March 2018
March 2019
March 2020
Subject to the Fund’s investment capacity and satisfaction of investment criteria
4
Development: Value Creation

GLP’s development track record, coupled with the unmet demand for modern logistics facilities in
China, Japan, and Brazil, present a unique value creation opportunity.
FY16-18E Development Completions
Sources of Capital
 GLP equity
 Fund management platform
- Third-party equity
- Capital recycling
Brazil
8%
 Debt
- Significant debt headroom with low look-through
leverage of 10%2
Japan
19%
Fund
Partner
Share
55%
$8bn1
Total
GLP
Share
45%
Outcome3
 Development gains
- FY16-18E: US$1 billion4 of development gains (GLP
share), at estimated 25% value creation margin
China
73%
 Fund fees and promotes
- Earn potentially US$400 million5 of fees and
promotes
1.
2.
3.
Total development cost of completed projects
Pro-forma look-through leverage as at 31 March 2015 assuming GLP’s ultimate 10% stake in
GLP US Income Partners I
No assurance can be provided that these assumptions may materialize
4.
5.
Before fees and promotes
Potential fees and promotes based on the AUM and fee/promote structure of GLP’s existing
development funds. Promotes assume all requisite triggers are satisfied and are not discounted
5
Fund Management Platform Delivers
Superior Risk-Adjusted Returns
Expanding Network and Increasing Returns
Our fund management business is a unique platform for co-investment opportunities
with leading global institutional investors, enabling GLP to scale our business while
delivering superior risk-adjusted returns.
Fund Management Platform Case Study
2X
Bigger
400-500 bps
Higher
Total Development
Opportunity
Total Development
Opportunity
Direct Investment Model
(GLP Share: 100%)
Fund Fees & Promotes
Development Gains
Fund Management Model
(GLP Share: 56%)
Direct Investment Model
(GLP Share: 100%)
Development Gains
Fund Management Model
(GLP Share: 56%)
Potential fees and promotes based on the AUM and fee structure of GLP’s existing development funds. Promotes assume all requisite triggers are satisfied and not discounted.
No assurance can be provided that these assumptions may materialize
6
GLP Park Beilun
China
2. Appendix
1. Overview of CLF II
2. Appendix
China: Domestic Consumption is the
Key Demand Driver

China’s expanding middle class is driving unprecedented growth in e-commerce activity and retail
chain store sales. The weight of domestic consumption is increasing rapidly relative to total GDP and
the movement of consumer goods related to this activity has created accelerating demand for modern
logistics space.
Domestic Consumption as % of
Total GDP
Online Retail Sales Growth in China
is Accelerating
90%
65%
7,000
80%
Chain Store Sales as % of Total
Retail
6,295
6,000
5,160
70%
67.0%
58.0%
60%
5,000
51.2%
50%
2,789
3,000
48.2%
40%
2,000
China
Japan
USA
2030F
2020F
2014
2015F
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
30%
Germany
Source: World Bank, Bureau of National Statistics
1,000
Huge room
to grow
3,955
11-year CAGR: 63%
4,000
263
26 56 128
498
1,850
1,300
774
10%
5%
0
2006
2008
2010
2012
2014
'16E
Source: iResearch Consulting Group; Ministry of Commerce
India
China
US
Source：Strong and Steady, 2011 Asia ‘s Retail
and Consumption Outlook by PWC
8
China: GLP Leading the Modernization
Wave in Logistics Facilities

The supply of modern logistics buildings in China is limited. With its strategic relationships and
development track record, GLP is well positioned to continue being the leading developer in the
market.
Current Supply of Logistics Facilities in the US is
~13 times that of China
Modern Logistics Facilities1 Account for 15-20% of
Total Supply; Market is Fragmented
(million sqm)
Warehouse stock: total area (sqm) per capita
550
6.00
5.00
4.00
3.00
13x
5.41
2.00
100
1.00
0.41
13
0.00
China
Source: GLP Market Research; CB Richard Ellis estimates;
CIA The World Factbook
1.
2.
US
Major Providers 1
Modern Logistics
Facilities 2
From CBRE report covering 12 leading national logistics developers
Includes facilities provided by major international and national developers, small and midsize developers, state-owned enterprises, and facilities owned for self-use
Total Market Supply of
Logistics Facilities
9
GLP Fund Management Platform

GLP provides its institutional investment partners a menu of country specific funds with return targets
ranging from core to opportunistic.
Total
GLP Japan
Development
Venture
GLP Japan
Income
Partners I
GLP Brazil
Income
Partners I
GLP Brazil
Development
Partners I
GLP J-REIT
(Sep ‘11)
(Dec ‘11)
(Nov ‘12)
(Nov ‘12)
(Dec ‘12)
Assets under
Management1
US$2.1bn
US$1.0bn
US$900m
US$1.2bn
Investment ToDate
US$1.1bn
US$1.0bn
US$800m
Joint Venture
Partners
CPPIB
CIC & CBRE
Total Equity
Commitment
US$1.0bn
GLP CoInvestment
Investment
Mandate
Fund Name
(Vintage)
1.
2.
3.
GLP Brazil
Income
Partners II
GLP US
Income
Partners I
CLF II
(Nov ‘13)
(Oct ‘14)
(Feb ‘15)
(Jul ‘15)
US$3.1bn
US$3.0bn
US$800m
US$8.0bn3
US$7.0bn
US$27.1bn3
US$600m
US$3.1bn
US$1.4bn
US$800m
US$8.0bn3
US$0.0bn
US$16.8bn3
CIC, CPPIB
& GIC
CPPIB & GIC
Public
Various
CPPIB &
Other
Investor
GIC &
Potentially
Others2
Various
Various
US$500m
US$400m
US$800m
US$1.3bn
US$1.5bn
US$500m
US$3.2bn3
US$3.7bn
US$12.9bn3
50.0%
33.3%
34.2%
40.0%
15.0%
55.9%
40.0%
10.4%2
56.4%
34.7%2
Opportunistic
Value-add
Value-add
Opportunistic
Core
Opportunistic
Value-add
Core
Opportunistic
Various
CLF I
AUM based on cost for in-progress developments (does not factor in potential value creation) and latest appraised values for completed assets
GLP in contract to pare down equity stake to 10%
Subject to post-closing adjustments
Various
10
Disclaimer
The information contained in this presentation (the “Information”) is provided by Global Logistic Properties Limited
(the “Company”) to you solely for your reference and may not be retransmitted or distributed to any other person.
The Information has not been independently verified and may not contain, and you may not rely on this presentation
as providing, all material information concerning the condition (financial or other), earnings, business affairs,
business prospects, properties or results of operations of the Company or its subsidiaries. Please refer to our
unaudited financial statements for a complete report of our financial performance and position. None of the
Company or any of their members, directors, officers, employees or affiliates nor any other person accepts any
liability (in negligence, or otherwise) whatsoever for any loss howsoever arising (including, without limitation for any
claim, proceedings, action, suits, losses, expenses, damages or costs) from any use of this presentation or its
contents or otherwise arising in connection therewith.
This presentation contains statements that constitute forward-looking statements which involve risks and
uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the
Company with respect to the consolidated results of operations and financial condition, and future events and plans,
of the Company. These statements can be recognised by the use of words such as “believes”, “expects”,
“anticipates”, “intends”, “plans”, “foresees”, “will”, “estimates”, “projects”, or words of similar meaning. Similarly,
statements that describe the Company’s objectives, plans or goals also are forward-looking statements. All such
forward-looking statements do not guarantee future performance and actual results may differ materially from those
in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place
undue reliance on these forward-looking statements, which are based on the current view of the management of the
Company on future events. The Company does not undertake to revise forward-looking statements to reflect future
events or circumstances. No assurance can be given that future events will occur, that projections will be achieved,
or that the Company’s assumptions are correct.
By accepting and/or viewing the Information, you agree to be bound by the foregoing limitations.
11
GLP Tianjin Pujia
China
Investor Relations Contact
Ambika Goel, CFA
SVP - Capital Markets and Investor Relations
Tel: +65 6643 6372
Email: [email protected]