GLP to development of large-scale logistics facility in Greater Tokyo

Global Logistic Properties Limited (GLP), has announced that it will start construction on a logistics facility, GLP Atsugi, in November 2012.

To be completed in December 2013, the 109,500 square metre facility is located in Aikawa, or the area known as “Atsugi” in the Kanagawa prefecture in the Greater Tokyo region.

The total development cost is estimated to be USD$169 million2 (JPY 13.5 billion).

GLP Atsugi is the third development under the Japan Development Fund (“Fund”), a 50/50 joint venture between GLP and the Canada Pension Plan Investment Board (“CPPIB”) that was launched in September 2011. This project is the sixth asset under management for GLP in Kanagawa, a major distribution centre for the Greater Tokyo region.

Masato Miki, President of GLP Japan said, “We are confident that the strategic location of GLP Atsugi and the high quality modern logistics facility specifications will lead to high demand for the project. We have already successfully pre-leased 35% of GLP Atsugi before construction starts. Demand for this development is also strong and well in excess of remaining leasable area.”

The project is located within Nairiku Kogyo Danchi, a 24-hour logistics and industrial park which is strategically located 1km from the Sagamihara interchange exit (Ken-O Expressway) and 12km from the Atsugi interchange exit (Tomei Expressway), offering convenient access to the Greater Tokyo region. GLP Atsugi is designed to the highest safety standards, equipped with a large dual ramp that provides access to every floor and advanced features such as back-up power supply and seismic isolation structure.

The first and second floors of GLP Atsugi, which adds up to a net leasable area of about 30,000 sqm, have been pre-leased to an existing customer of GLP demonstrating our strong ability to meet customer demand. The customer, a leading 3PL company has chosen GLP’s facility to consolidate their operations in the region for effective business and cost management.

Mr. Miki added, “Our customer’s expansion into GLP Atsugi demonstrates the need for modern logistics facilities and the role GLP plays in providing such services to our customers. As the leading provider of modern logistics infrastructure, we will continue to be at the forefront of the development and management of logistics facilities that feature advanced functionality. We remain focused on anticipating our customers’ needs, especially as they seek to streamline their logistics network. We view GLP Atsugi as a role model asset in terms of responding to customers’ needs.”

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