SINGAPORE - Mainboard-listed Global Logistic Properties (GLP) said on Tuesday (May 23) it has signed 182,000 square metres (2 million square feet) of new leases in Japan and China over the past two months.
In Japan, GLP has inked 69,000 sqm of pre-lease agreements at GLP Nagareyama in Greater Tokyo with third-party logistics providers (3PL). GLP Nagareyama is one of GLP's largest developments in Japan and is expected to provide 271,000 sqm of net leasable area upon full completion. The 59 billion yen (S$736.3 million)development comprises three buildings. The first building is scheduled to be completed in the fourth quarter of 2018, while the second and third buildings are expected to be delivered in April to March 2019.
In China, GLP has signed 113,000 sqm 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.
Said GLP chief operating officer Steve Schutte: "Global consumption and a shift towards organized 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."