GLP to develop logistic facilities in Japan

Singapore’s Global Logistic Properties (GLP), which owns warehouses in Japan and China, said it has formed a joint venture with Canada Pension Plan Investment Board to develop logistic facilities in Japan.

In a statement, GLP said each partner will invest US$250 million of equity over a projected three years, adding that the targeted leverage is 50 per cent loan-to-value after stabilisation with an open-ended long-term investment horizon. A site in Tokyo has already been identified as the first potential development for the fund.

The Japan Development Fund will focus on building multi-tenant and build-to-suit facilities mainly in the greater Tokyo and Osaka areas of Japan.

Jeffrey H. Schwartz, deputy chairman and chairman of the executive committee of GLP, said: “The fund will be GLP’s exclusive vehicle for logistics development in Japan. We are seeing solid demand for logistics development in Japan driven by our strong customer relationships, solid track record and deep experience.”

Canada Pension Plan Investment Board is an investment management organisation that invests the assets of the Canada Pension Plan and manages a fund that totals US$156.7 billion.

Source : Channel NewsAsia – 1 Sep 2011

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