GLP

GLP: will commence development of GLP Zama, a new multi-tenant logistics facility in Greater Tokyo. The project is expected to be completed in July 2015, with the total development cost estimated to be ¥20.9b ($267m). It will be redeveloped into a five-storey logistics facility with an expected gfa of 1.4m sf. GLP Zama is the sixth development under the GLP Japan Devt Venture, a 50-50 JV between GLP and Canada Pension Plan Investment Board that was formed in Aug ‘11. To date, the venture has committed a total investment of ¥79.6b. The project is GLP's seventh facility to be located in Kanagawa prefecture, a major distribution market in Greater Tokyo. GLP's four existing properties in the area have a lease ratio of over 99%, while GLP Atsugi and GLP Ayase, also under the GLP Japan Devt Venture, are under development.