Tuesday, October 30, 2012
GLP: signed a new lease agreement of ~21k sm at GLP Kawasaki in Greater Tokyo to H&M. The facility will be H&M’s first distribution centre in Japan. This is the first leasing agreement btwn GLP and H&M. H&M previously utlilized GLP Kawasaki, through a contract with a third party logistics provider and has now chosen to sign a larger, direct leasing agreement with GLP to facilitate its business expansion in Japan. The high lease ratio at GLP Kawasaki has increased to 99.6% following this agreement. GLP Kawasaki is a 5-storey devt with GFA of 160.3k sm. GLP is +0.4% at $2.55.