GLP leases 50,000 sq m in Greater Tokyo

Global Logistic Properties Limited (GLP) announced that has signed three new lease agreements totalling approximately 50,000 sq m in Greater Tokyo, Japan. The customers will use the facilities to support distribution demand driven by rising domestic consumption.

Two third-party logistics providers have signed leases at GLP Japan properties. Ricoh Logistics System has leased 23,000 sq m at GLP Yokohama while Fuji Logitech has leased 16,000 sq m at GLP Funabashi II. With these leases, both properties are 100% leased. Ricoh is a new customer relationship for GLP.

A food wholesaler has also leased 11,000 sq m at GLP Zama, a new multi-tenant logistics facility in Greater Tokyo. The project is expected to be completed by June 2015 and the deal represents another new customer relationship for GLP.

Yoshiyuki Chosa, President of GLP Japan said, “We are excited to announce these new leases. We see continued growth in demand for modern logistics facilities in Greater Tokyo due to the ongoing reconfiguration of supply chain and rising domestic consumption. GLP’s high-quality, well-located facilities are aimed at serving this demand effectively and helping our customers achieve the highest levels of service and efficiency.”