GLP has signed 182,000 sq m (2m sq ft) of new and expansion leases in Japan and China with 3PL service providers and retailers.
The company has signed 69,000 sq m (743,000 sq ft) of pre-lease agreements at GLP Nagareyama in Greater Tokyo. The customers are 3PL providers who are establishing logistics hubs in a single facility to cater to growing demand. With these leases, 25% of the Nagareyama facility is pre-leased and GLP establishes a new customer relationship with a global 3PL provider.
GLP Nagareyama is one of GLP’s largest developments in Japan and is expected to provide 271,000 sq m (2.9m sq ft) of net leasable area upon full completion. The JPY59bn (US$532m) development comprises three buildings. The first building is scheduled to be completed in the fourth quarter of FY18 (January – March 2018) while the second and third buildings are expected to be delivered in FY19 (April 2018 and March 2019).
In China, GLP has signed 113,000 sq m (1.2m sq ft) of new and expansion leases. The customers are 3PL providers and retailers using the facilities to service growing demand from online and offline retail distribution channels. The leases were all signed with existing GLP customers.
Steve Schutte, Chief Operating Officer of GLP, said: “Global consumption and a shift towards organised retail channels continue to drive demand for GLP’s logistics facilities in Japan and China. GLP’s modern logistics facilities are well positioned to support these growth trends and meet growing demand in our core markets. We are excited to continue supporting our customers’ businesses by providing value-added solutions and next-generation logistics facilities like GLP Nagareyama.”