Global Logistic to develop facility in Okayama, Japan

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Global Logistic Properties (GLP) will begin developing a large scale logistics facility in Okayama, Japan in June 2012, marking its second project under a joint venture agreement with the Canada Pension Plan Investment Board.

GLP Soja is a 79,023 sq m multi-tenant facility, which will be operational in February 2013. The development is located inside Okayama Soja IC Logistics Centre in Soja city, and costs approximately US$103 million (S$128.39 million).

“Both our existing assets in the Okayama area are operating at 100 percent occupancy,” said Miki Masato, President of GLP Japan.

“As there has been no new supply of large- scale, multi-tenant facilities in this part of Japan for an estimated four years, we expect to create significant value for shareholders given the strong demand from customers for this development.”

He noted that 39 percent of GLP Soja was already pre-leased and many potential tenants have expressed indicative interest, amounting to more than five times the remaining leasable area.

Meanwhile, GLP said it has leased a 91,000 sq m fulfilment centre located in GLP Park Wuqing in Tianjin, China to a global e-commerce retailer.

“China and Japan's e-commerce markets have entered a period of high-speed growth. Lack of modern logistics facilities has become a bottleneck for many e-commerce firms' growth. As a result, we are seeing strong demand for modern logistics facilities from our clients across our portfolio,” said Ming Z Mei, Chief Executive Officer of GLP.

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