Global Logistic Properties Ltd. secured a site in Sagamihara in Greater Tokyo for the ¥133 billion development of long-term logistics facilities.
GLP Sagamihara, which is set to be the largest modern logistics park in Japan upon completion, will be developed in phases to provide over 655,000 square meters of total gross floor area across six buildings, the company said in a release.
Construction on the first phase is expected to begin in 2020 following a sale-and-leaseback arrangement. The company intends to undertake the project within its fund-management platform.
As of Dec. 26, US$1 was equivalent to ¥117.14.