SINGAPORE (May 23): GLP, the global provider of modern logistics facilities, has signed 2 million sf of new leases in Japan and China over the past two months.

In Japan, GLP has signed 743,000 sf of pre-lease agreements at GLP Nagareyama in Greater Tokyo.

The customers are third-party logistics (3PL) providers who are establishing logistics hubs in a single, well-located facility to cater to growing demand.

With these leases, 25% of GLP Nagareyama is pre-leased and GLP establishes a new customer relationship with a global 3PL provider.

GLP Nagareyama is one of GLP’s largest developments in Japan and is expected to provide 2.9 million sf of net leasable area upon full completion.

The JPY59 billion (S$737.5 million) development comprises three buildings.

The first building is scheduled to be completed in 4Q18 (January – March 2018) while the second and third buildings are expected to be delivered in FY19 (April 2018 – March 2019).

In China, GLP has signed 1.2 million sf of new and expansion leases.

The customers are also 3PL providers and retailers using the facilities to service growing demand from online and offline retail distribution channels.

The leases were all signed with existing GLP customers.

Shares of GLP closed 3 Singapore cents lower at S$2.90.