GLP signs 69,000 sqm of new leases in China and Japan

GLP CEO Ming Z Mei said the leases " reinforce our view that global consumption will continue to drive demand for GLP"s logistics facilities".
GLP CEO Ming Z Mei said the leases " reinforce our view that global consumption will continue to drive demand for GLP"s logistics facilities".PHOTO: GLOBAL LOGISTIC PROPERTIES

SINGAPORE - Modern logistics provider GLP has signed 69,000 square metres (743,000 square feet) of new leases in China and Japan over the past three months.

The customers are using the facilities to service growing demand from online and offline retail distribution channels, GLP announced on Thursday (March 9).

The new lease agreements comprise:

- 42,000 sqm to three leading retailers in China. With these leases, GLP establishes new customer relationships with Aeon and Metro.

- 27,000 sqm to Maruni Business Logistics, a third-party logistics provider in Japan, to support growing demand from apparel companies. With this lease, GLP Neyagawa is fully pre-leased. The 5 billion yen development project is expected to be completed in the first quarter of 2019.

Said GLP CEO Ming Z Mei: "These leases reinforce our view that global consumption will continue to drive demand for GLP"s logistics facilities. In Japan, we expect absorption to remain strong and we will continue to focus on the core markets of Tokyo and Osaka. In China, consumers continue moving toward organized retail channels and we will continue to provide well-located logistics facilities and value-added solutions to support these growth trends."