GLP: Co is forming a 50:50 JV with Mitsui Fudosan to develop a large-scale multi-tenant logistics facility in Greater Tokyo), Japan. The project will have a GFA of 121k sqm built on a land site of 53k sqm. Construction of the 5-storey dev equipped with seismic isolators is scheduled to commence on Sep 2012 and completed by Sep 2013.
GLP has stated that other logistic facilities nearby operate at 100% occupancy and co has been seeing strong demand from customers that total over 4.7x the net rentable area of the project. Co currently trades at 1.0x P/B.
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