GLP To Develop Two Large-Scale Logistics Facilities in Greater Tokyo
GLP will commence development of two large-scale, multi-tenant logistics facilities in Greater Tokyo. GLP Sayama Hidaka I and II - expected to be completed in December 2015 and May 2016 respectively, will have a combined floor area of approximatley 127,000 sqm (1.4 million sq ft).
- GLP Sayama Hidaka I and II to provide 127,000 sqm (1.4 million sq ft) of modern logistics space to strategic submarket of Saitama
- GLP Japan Development Venture, with total Venture size of US$2.2 billion, has now committed US$1.0 billion of investment
- Strong demand for large-scale multi-tenant facilities in Greater Tokyo
Singapore, 8 January 2014 - Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil, will commence development of two large-scale, multi-tenant logistics facilities in Greater Tokyo. GLP Sayama Hidaka I and II – expected to be completed in December 2015 and May 2016 respectively – will have a combined floor area of approximately 127,000 square meters (“sqm”) (1.4 million square feet (“sq ft”)). The total development cost is estimated to be JPY18.7 billion (US$179 million ).
The projects are the seventh and eighth developments 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. The Venture has an investment capacity of US$2.2 billion and has committed a total investment of JPY102 billion (US$1.0 billion) to-date.
Yoshiyuki Chosa, President of GLP Japan, said, "We continue to see strong demand for quality logistics facilities in Japan due to the ongoing reconfiguration of supply chain and lack of supply. GLP Sayama Hidaka I and II are strategically located at the intersection of Ken-O Expressway and Japan National Route 16, facilitating both local and national distribution. We are delighted to be developing these modern facilities to support customers’ distribution needs.”
GLP Sayama Hidaka I and II will be strategically located in Saitama Prefecture, Greater Tokyo, where the vacancy rate for modern large multi-tenant logistics facilities is low at 4.3% . The facilities are strategically located and offer a host of sustainable features including strong soil foundation, a state-of-the-art seismic isolation structure and the use of LED lighting and thermal insulation materials.
Appendix
Name of Facility: GLP Sayama Hidaka I
Location: Hidaka City, Saitama Prefecture, Greater Tokyo
Total site area: 20,866 sqm (224,000 sq ft)
Total floor area (GFA): 41,818 sqm (450,000 sq ft)
Net lettable area (NLA): 39,507 sqm (425,000 sq ft)
Commencement of construction: August 2014 (planned)
Completion of construction: December 2015 (planned)
Name of Facility: GLP Sayama Hidaka II
Location: Hidaka City, Saitama Prefecture, Greater Tokyo
Total site area: 39,000 sqm (420,000 sq ft)
Total floor area (GFA): 85,539 sqm (920,000 sq ft)
Net lettable area (NLA): 75,688 sqm (814,000 sq ft)
Commencement of construction: November 2014 (planned)
Completion of construction: May 2016 (planned)
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 22.4 million square meters (241 million square feet) is strategically located across 62 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).
About The Canada Pension Plan Investment Board (www.cppib.ca)
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At September 30, 2013, the CPP Fund totaled C$192.8 billion, of which C$22.0 billion represents real estate investments. For more information about CPPIB, please visit www.cppib.com
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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