GLP’s Japan project to start June

Global Logistic Properties (GLP) said the construction of its 79,023 square-metre large-scale multi-tenant logistics facility in Soja city, Japan will start in June this year and finish by February 2013.

The project costs around USD$103 million, GLP said in a news release.

It is the second under the Japan Development Fund – GLP’s joint venture with the Canada Pension Plan Investment Board (CPPIB) launched in September 2011.

GLP said it has already pre-leased 39 per cent of GLP Soja and has received indicative interest of over five times the remaining leasable area.

“Both our existing assets in the Okayama area are operating at 100 per cent occupancy,” said Miki Masato, President of GLP Japan.

“As there has been no new supply of large-scale multi-tenant facilities in this part of Japan for an estimated four years, we expect to create significant value for shareholders given the strong demand from customers for this development.”

Source : Channel NewsAsia – 2 Feb 2012

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