GLP Secures Strategic Land for Long-Term Logistics Development in Japan
GLP to commence development of GLP Sagamihara in Greater Tokyo
○ GFA: 655,000 sqm (7 million sq ft); Total investment: US$1.1 billion
○ Long-term project to be developed in phases; GLP to commence first phase of construction in 2020
○ Will be the largest modern logistics park in Japan when completed
GLP intends to undertake this development within its fund management platform
Tokyo, 27 December 2016 – GLP, the leading global provider of modern logistics facilities, has secured a strategic land parcel for long-term logistics facilities development in Greater Tokyo. GLP Sagamihara will be developed in phases and ultimately provide over 655,000 square meters (“sqm”) (7 million square feet (“sq ft”)) of total gross floor area across six buildings. GLP expects to commence the first phase of construction in 2020 following a sale-and-leaseback arrangement with the seller. The total investment cost of GLP Sagamihara is JPY133 billion (US$1.1 billion1). GLP intends to undertake this development within its fund management platform.
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.
Yoshiyuki Chosa, President of GLP Japan, said, “GLP Sagamihara has a strong leasing pipeline and is expected to complement GLP’s existing portfolio in the region. The team did a fantastic job securing land in a highly desirable area. The size of the uniquely positioned site allows layout flexibility to cater to different customer segments including cold storage, manufacturing and R&D. 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.”
Rendering of GLP Sagamihara
About GLP (www.glprop.com)
GLP is a fund manager, developer and owner-operator of modern logistics facilities. As of 30 September 2016, GLP owns and operates a global portfolio of 52 million square meters (561 million square feet) that caters primarily to domestic consumption. GLP’s 4,000 customers include some of the world’s most dynamic manufacturers, retailers and third party logistics companies. GLP’s US$39 billion fund management platform is a key area of growth going forward.
GLP is listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP).
GLP Investor Relations & Media Contact:
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
## END ##
This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. Please refer to our unaudited financial statements for a complete report of our financial performance and position. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," “intends,” “foresees,” “estimates,” “projects,” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.
1 Unless stated, all exchange rates are reported as 1 USD = JPY117.12, the closing exchange rate as of 26 December 2016