TOKYO - Logistics facilities provider GLP has secured a strategic land parcel for long-term logistics facilities development in Greater Tokyo for ¥133 billion (S$1.59 billion).
GLP Sagamihara will be developed in phases and ultimately provide over 655,000 square meters of total gross floor area across six buildings, the company said in a release issued on Tuesday (Dec 27).
GLP expects to commence the first phase of construction in 2020 following a sale-and-leaseback arrangement.
Sagamihara has emerged as a major logistics hub driven by a lack of quality logistics space and available land parcels in metropolitan Tokyo. Market absorption in this sub-market has been strong, with two of GLP's recent developments in the area - GLP Atsugi II and GLP Ayase - fully pre-leased approximately a year prior to completion.
"GLP Sagamihara has a strong leasing pipeline and is expected to complement GLP's existing portfolio in the region," said Mr Yoshiyuki Chosa, President of GLP Japan. "We are confident that with its strategic location, customer demand pipeline and industry-leading building specifications, GLP Sagamihara is well-positioned to be Japan's best master-planned logistics park."