GLP leases 214,000 sqm in Japan facilities with four firms

It pre-leased a 146,000 sqm space to ASKUL.

Global Logistics Properties (GLP) has been having a field day in Japan, as it recently leased 214,000 sqm in Japan facilities to four firms.

According to a report by OCBC, this includes a 146,000 sqm lease in GLP Sunita, Greater Osaka with ASKUL—a frontrunner in the e-commerce scene and one if GLP’s biggest customers in the Japan market. The space is 100% pre-leased a year ahead of completion. OCBC reports that it will be the ASKUL’s largest logistics center in the country.

Moreover, the remaining customers include Locondo, an e-commerce company specializing in apparel and shoes which leased 34,000 sqm in GLP Yachiyo, Greater Tokyo. In addition, 20,000 sqm at GLP TomiyaSendai was leased to Kato Sangyo, a food wholesale firm. Another e-commerce company leased 13,000 sqm at GLP Naruohama, Greater Osaka.

OCBC asserts that two of these customers are new relationships for GLP.

Meanwhile, the active leasing seen in the mature Japanese market is a positive for GLP, and long-term value remains in GLP’s shares at current levels.