Global Logistic Properties, the provider of modern logistics facilities in China, Japan and Brazil, said it has signed a new build-to-suit (BTS) agreement with Japan Logistic Systems Corp., a major third-party logistics (3PL) provider in Japan. Logitem is an existing GLP customer expanding its footprint in Greater Tokyo to cater to rising domestic consumption.
GLP Yoshimi is located within a 50km radius from central Tokyo. The four-story facility will commence development in 2Q FY2015. Previously, Logitem signed an agreement to fully lease GLP Ayase, a 743,000 sq ft logistics facility in Greater Tokyo. With these transactions, GLP Ayase and GLP Yoshimi are 100% pre-leased, ahead of their completions.
The project is the 11th development under GLP Japan Development Venture, a 50/50 joint venture between GLP and the Canada Pension Plan Investment Board which is 82% invested or allocated.
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