GLP Expands Relationship with Panasonic Logistics in Japan
GLP has signed a 12,000 sqm (129,000 sq ft) expansion agreement in Northern Japan with Panasonic Logistics, a leading third-party logistics provider and one of GLP’s largest customers in Japan by leased area.
- Panasonic Logistics will occupy GLP Tomiya IV Annex, a 12,000 sqm (129,000 sq ft) facility built on a parking area adjacent to GLP Tomiya IV
- Construction for expansion to be completed in July 2014
Singapore, 15 May 2013 – Global Logistic Properties Limited (“GLP”), one of the world’s leading providers of modern logistics facilities, with a market-leading position in China, Japan and Brazil, has signed a 12,000 square metres (“sqm”) (129,000 square feet (“sq ft”)) expansion agreement in Northern Japan with Panasonic Logistics, a leading third-party logistics provider and one of GLP’s largest customers in Japan by leased area.
Panasonic Logistics will occupy 100% of the space in GLP Tomiya IV Annex, a new three-storey wing to be built on land currently being used as a parking area, adjacent to GLP Tomiya IV. Panasonic Logistics also leases 100% of GLP Tomiya IV and will use the expansion to strengthen its distribution network in Northern Japan.
Yoshiyuki Chosa, President of GLP Japan, said: “We are excited to embark on this project, which is being designed specifically to meet the requirements of Panasonic Logistics. This agreement illustrates GLP’s strong track record of developing build-to-suit projects that meet our customers’ individual needs. We will continue to deliver the right solutions and maximize our customers’ operational efficiency, allowing them to concentrate on their core business.”
GLP Tomiya IV Annex is located in Miyagi Prefecture, where GLP’s four existing properties are all 100% leased, showing solid demand for large modern logistic facilities in the area. The facility is 1.5 km away from the Tohoku Expressway, with convenient access to Sendai City and other logistic hubs such as Sendai Airport and Sendai Sea Port. The expansion is expected to complete in July 2014.
Including the lease announced today, Panasonic Logistics leases a total of 326,000 sqm (3.5 million sq ft) with GLP across 10 locations in Japan.
Appendix
Rendering of GLP Tomiya IV Annex
Name of Facility: GLP Tomiya IV Annex
Location: Tomiya Town, Miyagi Prefecture
Total site area: 10,300 sqm (110,900 sq ft)
Total floor area (GFA): 12,160 sqm (130,900 sq ft)
Net Leasable area (NLA): 12,100 sqm (130,800 sq ft)
Commencement of construction: May 2013 (planned)
Completion of construction: July 2014 (planned)
About Global Logistic Properties (www.glprop.com)
Global Logistic Properties Limited (“GLP”) is one of the world’s leading providers of modern logistics facilities, with a market-leading position in China, Japan and Brazil. Our property portfolio of 20 million square meters (215 million square feet) is strategically located across 62 cities, forming an efficient logistics network serving almost 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, Company registration number: 200715832Z).
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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