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GLOBAL Logistic Properties (GLP) has secured a site in Sagamihara, Greater Tokyo, which it plans to develop over 655,000 square metres of gross floor area at a total investment cost of 133 billion yen (S$1.6 billion).
GLP expects to start the first phase of construction in 2020 following a sale-and-leaseback arrangement with the seller. It intends to undertake the project within its US$39 billion fund management platform.
GLP said that Sagamihara has emerged as a major logistics hub driven by a lack of quality logistics space and available land parcels in metropolitan Tokyo.
"Market absorption in this sub-market has been strong, with two of GLP's recent developments in the area - GLP Atsugi II and GLP Ayase - fully pre-leased approximately a year prior to completion," the provider of logistics facilities said on Tuesday.
Yoshiyuki Chosa, president of GLP Japan, said: "GLP Sagamihara has a strong leasing pipeline, and is expected to complement GLP's existing portfolio in the region."
He added that the size of the "uniquely positioned" site allowed layout flexibility to cater to different customer segments including cold storage, manufacturing as well as research and development.