GLP To Commence Development of Large-Scale Logistics Facility in Okayama, Japan
- 39% of GLP Soja, a 79,023 sqm development, has been pre-leased
- The multi-tenant logistics facility is the second project under the Japan Development Fund and will begin construction in June 2012
Singapore, 2 February 2012- Global Logistic Properties Limited (“GLP”), the market leader in modern logistics facilities in China and Japan, announced that GLP Soja, a 79,023 square metre (“sqm”) large-scale multi-tenant logistics facility located in Soja city, Okayama prefecture, will start in June 2012 and is expected to be completed in February 2013. The total development cost is estimated to be USD$103 million (JPY 7.9 billion).
GLP Soja is the second 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.
Miki Masato, President of GLP Japan said, “Both our existing assets in the Okayama area are operating at 100% occupancy. 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. GLP has already pre-leased 39% of GLP Soja. In addition, we have received indicative interest of over 5 times the remaining leasable area.”
GLP Soja is the second development project and third asset under management for GLP in Okayama, a major distribution centre for the Greater Osaka and Chugoku Region. The project is located within Okayama Soja I.C Logistics Centre, an urban development project managed by Ryobi Holdings K.K. On completion, the project will be the largest multi-tenant logistics facility in Okayama prefecture. GLP Soja is designed to the highest safety standards to ensure customers’ business continuity. The facility is equipped with a large ramp way providing access to every floor and advanced features such as back-up power supply and seismic isolation structure.
“As the leading provider of logistics infrastructure, GLP will continue to be at the forefront of development and management of logistics facilities that feature advanced functionality and sustainability. We focus on responding to our customers’ needs, especially as they seek to streamline their logistics network and optimise costs. We view GLP Soja as a role model asset in terms of responding to customers’ needs,” Masato Miki concluded.
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Appendix
Overview of GLP Soja Development Facility
Artist’s impression of GLP Soja
Name of facility: GLP Soja
Location: Soja City, Okayama Prefecture
Total site area: approximately 33,055 sqm
Total floor area: approximately 79,023 sqm
Commencement of construction: June 2012 (planned)
Completion of construction: February 2013 (planned)
・ Planned development site
GLP Soja is strategically located next to the Okayama Soja interchange exit (Okayama Expressway), the centre of the domestic logistics network which is approximately 185km to Central Osaka, 155km to Central Kobe, 154km to Hiroshima and 75km to Takamatsu.
・ Characteristics of the facility
GLP Soja will be a multi-tenant facility consisting 5 floors above ground with a total floor area of 79,023 sqm. The facility will have 116 truck berths and 300 parking spaces for cars with each floor equipped with one ramp way allowing large vehicles direct access to individual floors. The distribution facility also has a large-scale warehouse space measuring 12,000 sqm and flexible floor plates starting from 5,100 sqm.
・ Securing business continuity during a disaster
The GLP Soja development will provide the following features to ensure safety and security providing business continuity to customers at all times. The facility includes features such as:
- Seismic isolation structure
- Measures to protect electric equipment from water damage
- Introduction of groundwater supplying equipment
- Employment of a back-up power supply that makes it possible to use disaster control centres, office lighting, and electricity outlets as well as to preserve the security function of the entire building at the time of a power failure.
About Global Logistic Properties Limited (www.glprop.com)
Global Logistic Properties (GLP) is Asia’s largest provider of modern logistics facilities. It owns, manages and leases out 380 completed properties in 133 logistics parks spread across 28 major cities in China and Japan, forming an efficient logistics network with properties strategically located in key logistics hubs, industrial zones and urban distribution centres. By providing flexible solutions of Multi-tenant, Build-to-Suit and Sale-and-Leaseback, GLP is dedicated to improving the supply chain efficiency for strategic expansion goals of the most dynamic manufacturers, retailers and 3rd party logistics companies in the world. The Group was listed on the Mainboard of Singapore Exchange Securities Trading Limited on 18 October 2010 (Stock code: MC0.SI).
About GLP Japan (www.glprop.co.jp)
GLP Japan is the Japanese arm of Global Logistic Properties, the largest provider of logistics infrastructure in Asia, which manages 69 facilities in 7 cities to cover the major distribution centres of Japan. With a total floor area of more than 2.8 million sqm, GLP Japan is an important infrastructure that supports the lives of people and the economic activities in the city, providing logistics facilities that are highly functional as they are sustainable.
About The Canada Pension Plan Investment Board（www.cppib.ca）
The Canada Pension Plan Investment Board (CPPIB) is a professional investment management organisation that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPPIB invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At September 30, 2011, the CPP Fund totaled $152.3 billion.
Issued by: Global Logistic Properties Limited
Investor relations & Media Team
Email: investor.relations@glprop.com
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
Email: agoel@glprop.com
