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Global Logistic Properties (GLP) plans to build a new facility in Greater Tokyo that is set to become the largest modern logistics park in Japan.
To be developed in phases, GLP Sagamihara (pictured) will have over 655,000 sq m (seven million sq ft) of total gross floor area across six buildings, it said in an SGX filing.
The first phase of construction is expected to start in 2020 following a sale-and-leaseback arrangement with the seller.
With total investment cost for GLP Sagamihara at JPY133 billion (S$1.6 billion), GLP intends to undertake the development within its fund management platform.
“GLP Sagamihara has a strong leasing pipeline and is expected to complement GLP’s existing portfolio in the region. The team did a fantastic job securing land in a highly desirable area,” said Yoshiyuki Chosa, president of GLP Japan.
“The size of the uniquely positioned site allows layout flexibility to cater to different customer segments including cold storage, manufacturing and R&D. We are confident that with its strategic location, customer demand pipeline and industry-leading building specifications, GLP Sagamihara is well-positioned to be Japan’s best master-planned logistics park.”
GLP has two other facilities within the Sagamihara area – GLP Atsugi II and GLP Ayase – which are fully pre-leased one year before their completion.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.