Global Logistic Properties : NEWS RELEASE – GLP SECURES STRATEGIC LAND FOR LONG-TERM LOGISTICS DEVELOPMENT IN JAPAN
For Immediate ReleaseGLP SECURES STRATEGIC LAND FOR LONG-TERM LOGISTICS DEVELOPMENT IN JAPANGLP to commence development of GLP Sagamihara in Greater TokyoGFA: 655,000 sqm (7 million sq ft); Total investment: US$1.1 billionLong-term project to be developed in phases; GLP to commence first phase of construction in 2020Will be the largest modern logistics park in Japan when completedGLP intends to undertake this development within its fund management platformTokyo, 27 December 2016 – GLP, the leading global provider of modern logistics facilities, has secured a strategic land parcel for long-term logistics facilities development in Greater Tokyo. GLP Sagamihara will be developed in phases and ultimately provide over 655,000 square meters (“sqm”) (7 million square feet (“sq ft”)) of total gross floor area across six buildings. GLP expects to commence the first phase of construction in 2020 following a sale- and-leaseback arrangement with the seller. The total investment cost of GLP Sagamihara is JPY133 billion (US$1.1 billion1). GLP intends to undertake this development within its fund management platform.