GLP To Develop 37,000 sqm (398,000 sq ft) Build-To-Suit Facility for Trinet Logistics in Greater Osaka
GLP has signed a new build-to-suit agreement with Trinet, a major 3PL in Japan. Trinet is expanding its operations in Western Japan and will use GLP Kobe-Nishi as its main distribution center in Greater Osaka.
- GLP Kobe-Nishi is a fully leased build-to-suit development located in Greater Osaka where the vacancy rate for modern logistics facilities is virtually zero[1]
- Trinet is an existing 3PL customer expanding their footprint with GLP Japan
- GLP Japan Development Venture has now committed JPY118bn (US$1.2 bn)[2]
Singapore, 7 April 2014 - Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil, has signed a new build-to-suit (“BTS”) agreement with Trinet Logistics Co., Ltd. (“Trinet”), a major third-party logistics (“3PL”) provider in Japan. Trinet is expanding its operations in Western Japan and will use GLP Kobe-Nishi as its main distribution center in Greater Osaka.
GLP Kobe-Nishi is located in the submarket of Kobe, Hyogo Prefecture, the second largest city in Greater Osaka. The four-story facility will commence development in 1Q FY2015.
Yoshiyuki Chosa, President of GLP Japan, said, “We are pleased to expand our relationship with Trinet with this new BTS lease. Supply chain consolidation and growth in domestic consumption is driving the need for modern logistics infrastructure in Japan. Demand is exceptionally strong in Greater Osaka, where the vacancy rate for modern logistics facilities is virtually zero. We will continue to seek strategic sites to develop the right solutions for our customers across Japan.”
Shigeru Hashimoto, President of Trinet, said, “We are pleased to further strengthen our partnership with GLP, the leader in Japan’s logistics property market. GLP Kobe-Nishi’s strategic location and high quality specifications will help us greatly in maximizing operational efficiency and meeting our customers’ needs.”
Situated within Kobe Techno Logistic Park, GLP Kobe-Nishi is within 600 meters from the Kobe-Nishi exit of the Sanyo Highway, offering convenient access to the major cities of Osaka and Kobe as well as surrounding ports and airports. The project is the tenth development under GLP Japan Development Venture, a 50/50 joint venture between GLP and the Canada Pension Plan Investment Board that was formed in August 2011. With this new development, the Venture has now committed JPY118 billion (US$1.2 billion) of its target investment of US$2.1 billion.
Established in 1959, Trinet is a major logistics company in Japan, offering various 3PL services including storage, domestic distribution, customs clearance, distribution for medical supplies and e-commerce goods.
Appendix
Name of Facility: GLP Kobe-Nishi
Location: Kobe City, Hyogo prefecture, Greater Osaka
Total site area: 21,000 sqm (226,000 sq ft)
Floor area: 37,000 sqm ( 398,000 sq ft)
Leasable area: 35,400 sqm (381,000 sq ft)
Commencement of construction: May 2014 (planned)
Completion of construction: January 2015 (planned)
[1] Source: CBRE Global Research and Consulting, Japan Industrial & Logistics Market View 2013 Q4
[2] Unless stated, all exchange rates are reported as 1 USD = JPY102.18, the closing exchange rate as of 31 March 2014
About Global Logistic Properties (www.glprop.com)
Global Logistic Properties Limited (“GLP”) is the leading provider of modern logistics facilities in China, Japan and Brazil. Our property portfolio of 23.4 million square meters (252 million square feet) is strategically located across 63 cities, forming an efficient logistics network serving 700 customers. We are dedicated to improving supply chain infrastructure for the world’s most dynamic manufacturers, retailers and third party logistics companies. Domestic consumption is a key driver of demand for GLP.
The Group 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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