Investment fund launched to support Japanese logistics

10 March 2016

Singapore-based logistics facilities provider GLP and pension fund Canada Pension Plan Investment Board (CPPIB) have created a joint $873 million fund to construct new logistics facilities in Japan.

The fund, named GLP JDV II, is expected to reach US$2 billion over three years and to begin construction of new developments in 2016.

The joint venture will be “seeded” (or launched) with GLP Nagareyama, a 319,000 square metres (3.4 million square feet) logistics park in greater Tokyo, which is expected to cost $515 million.

GLP CEO Ming Mei said customer demand for logistics facilities in Japan was strong. This was driven by the limited supply of modern logistics infrastructure and ongoing supply chain modernisation.

GLP and CPPIB have already launched one development venture in September 2011 which has a 10 year life span and $2.4 billion of projects in development.

In 2014 GLP acquired 115m square feet of properties through the purchase of one of the largest industrial real estate companies in the US – IndCor Properties from Blackstone for $8.1bn.

IndCor owned and operated a portfolio of 117m square feet of industrial properties in key markets throughout the US.

Its assets were considered to be close to key domestic and global transportation hubs, major logistics and warehouse/distribution networks and large population concentrations.

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