GLP to develop logistics park in Japan

The industrial logistics real estate developer will establish a logistics park in Sagamihara, Japan, which it said has emerged as a major logistics hub due to the lack of quality logistics space and available land parcels in metropolitan Tokyo.    Global Logistics Properties (GLP) secured a strategic land parcel for long-term logistics facilities development in Greater Tokyo, the company said.
   GLP Sagamihara will be developed in phases, with the first phase of construction expected to launch in 2020, following a sale-and-leaseback arrangement with the seller.
   The total investment cost of GLP Sagamihara is JPY133 billion (U.S. $1.1 billion), and GLP intends to undertake this development within its fund management platform.
   Sagamihara is located about 20 miles southwest of Tokyo. According to GLP, the city has emerged as a major logistics hub, resulting from the lack of quality logistics space and available land parcels in metropolitan Tokyo.