GLP To Commence Development of Modern Logistics Facility in Greater Osaka

GLP To Commence Development of Modern Logistics Facility in Greater Osaka

GLP will commence development of GLP Kobe Nishi II, a 71,000 sqm (764,000 sq ft) modern logistics property in Greater Osaka. The total development cost is estimated to be JPY10.5 billion (US$100 million).

  • GLP to develop GLP Kobe Nishi II, a 71,000 sqm multi-tenant logistics property
  • JPY10.5 billion (US$100 million) development expected to completed in 2H FY18 (late 2017)
  • GLP has a strong development track record in the Greater Osaka region

     

Tokyo, 7 July 2016 – GLP, the leading global provider of modern logistics facilities, will commence development of GLP Kobe Nishi II, a 71,000 sqm (“sqm”) (764,000 feet (“sq ft”)) modern logistics property in Greater Osaka. The total development cost is estimated to be JPY10.5 billion (US$100 million1).
 

Mr. Yoshiyuki Chosa, President of GLP Japan, said, “GLP Kobe Nishi II is strategically located in Hyogo Prefecture, one of the most important distribution regions in Greater Osaka. The development offers design flexibility tailored to meet customer requirements across diverse industries, which is becoming a key competitive advantage in today’s market. Customer demand in Japan for modern logistics remains strong and we see significant opportunity given attractive fundamentals, our market-leading platform and strong local team.”
 

GLP has a strong development track record in Greater Osaka. GLP Kobe Nishi II is the second development project developed by GLP in the same location. GLP completed GLP Kobe Nishi in January 2015 and sold it to GLP J-REIT in May 2015. GLP is also expecting to complete the development of GLP Suita in 2Q FY18 (Jul - Sep 2017). The 146,000 sqm (1.6 million sq ft) facility was 100% pre-leased a year ahead of completion to ASKUL, a leading e-commerce company. GLP Suita will be ASKUL’s largest logistics center in Japan.


GLP Kobe Nishi II is a development project under GLP Japan Development Venture I, a 50/50 joint venture between GLP and the Canada Pension Plan Investment Board. The development is located approximately 30 minutes from Kobe city center and ideal for distribution across the Hiroshima region via the Sanyo Expressway. Expected to be completed in 2H FY18 (late 2017), GLP Kobe Nishi II will feature different ceiling heights and truck berth dimensions to cater towards the varying needs of storage- and distribution-focused logistics companies.

1Unless stated, all exchange rates are reported as 1 USD = JPY102.83, the closing exchange rate as of 30 June 2016

 

About GLP (www.glprop.com)

GLP is a fund manager, developer and owner-operator of modern logistics facilities. As of 31 March 2016, GLP owns and operates a global portfolio of 52 million square meters (559 million square feet) that caters primarily to domestic consumption. GLP’s 4,000 customers include some of the world’s most dynamic manufacturers, retailers and third party logistics companies. GLP’s US$36 billion fund management platform is a key area of growth going forward.

 

GLP is listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP).
 

GLP Investor Relations & Media Contact:

Ambika Goel, CFA

SVP- Capital Markets and Investor Relations

Tel: +65 6643 6372

Email:agoel@glprop.com


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