GLP Pre-Leases 48,000 sqm (517,000 sq ft) at Greater Tokyo Development
GLP has leased approximately 48,000 sqm (517,000 sqm ft) to a number of 3PL providers at GLP Misato III, a multi-tenant development in Greater Tokyo. These new lease agreements, all catering to domestic consumption, bring the lease ratio at GLP Misato III to 65%, ahead of the projected lease-up schedule and prior to building completion later this month.
- GLP Misato III, a development in Greater Tokyo, is now 65% pre-leased
- Strong demand from third-party logistics providers catering to domestic consumption
- Strong environmental and business continuity features prove attractive to customers; leasing ahead of projections
- GLP Misato III is the first logistics facility in Japan to achieve LEED[1] Gold pre-certification
Singapore, 7 May 2013 – Global Logistic Properties Limited (“GLP”), one of the world’s leading providers of modern logistics facilities, with a market leading presence in China, Japan and Brazil, today announced that it has leased approximately 48,000 square metres (“sqm”) (517,000 square feet (“sq ft”)) to a number of third party logistics (“3PL”) providers at GLP Misato III, a multi-tenant development in Greater Tokyo. These new lease agreements, all catering to domestic consumption, bring the lease ratio at GLP Misato III to 65%, ahead of the projected lease-up schedule and prior to building completion later this month.
Four out of the five 3PL providers were new customer relationships for GLP. Tenants were attracted by GLP Misato III’s strong environmental and business continuity features.
The following details the activities within our customer lease agreements:
- • 15,000 sqm (161,000 sq ft) for a major air conditioner manufacturer in Japan
- • 10,400 sqm (112,000 sq ft) for a leading photography and imaging company headquartered in Japan
- • 7,600 sqm (82,000 sq ft) for a print advertising company
- • 7,400 sqm (80,000 sq ft) for a leading food and beverage manufacturer in Japan
- • 7,400 sqm (80,000 sq ft) for a leading global outdoor apparel and footwear company
Yoshiyuki Chosa, President of GLP Japan, said: “GLP Misato III reflects GLP’s commitment to sustainable building and is a testament to the teamwork involved to execute a large-scale development in an environmentally sound manner. Customer demand for this state-of-the-art, modern facility remains strong and leasing is tracking ahead of our expectations. With the largest network of modern logistic facilities in Japan, GLP is well positioned to support our customers’ growth in the future.”
GLP Misato III marks the third project for GLP in Misato city, a strategically-important location due to its close proximity to Tokyo. GLP’s four other existing properties within an approximate 10km radius are all 100% leased. The total investment amount for GLP Misato III is estimated to be JPY12.3 billion (US$126 million[2]).
GLP Misato III is a development under GLP Japan Development Venture (“Venture”), a 50/50 joint venture between GLP and the Canada Pension Plan Investment Board that was formed in August 2011. To-date, the Fund has announced four development projects for a total investment of JPY43 billion (US$440 million[3]) and total buildable gross floor area of 347,000 sqm (3.7 million sq ft).
GLP Misato III has raised the benchmark in sustainable development by becoming the first logistics property in Japan to achieve the internationally-recognised LEED1 Gold pre-certification. Key green features include LED lighting and thermal insulation to optimize energy efficiency; an enhanced air ventilation system to improve indoor air quality; water saving devices such as a rain water harvesting system; and implementation of GLP’s patented seismic isolation construction method that helps protect the building structure from earthquakes.
About GLP Misato III
Location: Misato, Saitama
Total site area: 38,901 sqm (419,000 sq ft)
Total floor area (GFA): 94,718 sqm (1,020,000 sq ft)
Net leasable area (NLA): 74,414 sqm (801,000 sq ft)
Commencement of construction: April 2012
Expected completion of construction: End of May 2013
[1] LEED is an internationally recognized green building certification system developed and managed by the U.S. Green Building Council. It evaluates the environmental performance of a building according to a diverse set of criteria, with the aim of recognizing and disseminating energy-efficient and sustainable architecture.
[2] Unless stated, all exchange rates are reported as 1 USD = JPY97.83, the closing exchange rate as of 30 April 2013
About Global Logistic Properties (www.glprop.com)
Global Logistic Properties (“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 metres (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).
Issued by: Global Logistic Properties Limited
GLP Investor Relations & Media Contact:
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
Email: agoel@glprop.com
## END ##
DISCLAIMER:
This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.
