Global Logistic Properties (GLP) has announced the expansion of GLP Japan Development Venture, its equal equity joint venture with Canada Pension Plan Investment Board (CPPIB) established to develop modern logistics properties in Japan. Each partner will contribute an additional ¥15bn of equity to bring the total Venture size to US$2.2bn when fully leveraged and invested.
GLP Japan Development Venture was established in September 2011 and first expanded in February 2013. The Venture has committed to projects in various stages of development with current value of US$1.4bn. Following this announcement, the Venture had an investment capacity of US$800m and GLP’s global fund management platform has grown to US$13.2bn of assets under management.
Yoshiyuki Chosa, President of GLP Japan said, “We are pleased to further grow our fund management platform and strengthen our long-term partnership with CPPIB. GLP Japan Development Venture has consistently outperformed over the past three years with leasing progressing ahead of schedule and achieved rents higher than budgeted. With a strong balance sheet in place, we will continue to be disciplined and selective in pursuing strategic opportunities to drive returns for our shareholders.”
Meanwhile GLP commenced development of GLP Soja II, a 78,000 sq m multi-tenant logistics facility in Okayama, Japan. The total development cost is estimated to be ¥9.6bn.
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