GLP Japan Development Fund Picks Up Suburban Tokyo Plot for Next Alfalink Megaproject
GLP’s Japan Development Partners IV fund has acquired a plot in a western suburb of Tokyo for the latest super-sized logistics facility in the industrial specialist’s Alfalink series.
At 350,000 square metres (over 3.7 million square feet), the land buy is one of the largest ever for a logistics development in Japan, GLP Capital Partners said Monday in a release.
The deal paves the way for construction of GLP Alfalink Akishima, an industrial park with a planned gross floor area of 800,000 square metres, placing it in the same mega-scale tier as GLP Alfalink Nagareyama (900,000 square metres across eight buildings) and the recently completed GLP Alfalink Sagamihara (680,000 square metres across four buildings).
“GLP Alfalink Akishima sets a new industry benchmark, not just in terms of its size and scale, but also as a model for how logistics facilities can enrich the local community and catalyse economic, environmental, and social progress,” said Yoshiyuki Chosa, president of Japan at GLP Capital Partners. “We will continue to push the boundaries to deliver the next generation of industrial parks in Japan and across our portfolio globally.”
Rising in the West
Located 35 kilometres (21.7 miles) west of the Tokyo CBD, the future GLP Alfalink Akishima promises easy access to the Chuo and Ken-O expressways for efficient and scalable distribution throughout Greater Tokyo.
The project in Akishima, an industrial suburb home to large factories, will be the first Alfalink developed within Tokyo prefecture. The $1 billion GLP Alfalink Sagamihara, in Kanagawa prefecture north of the capital, was completed in May and is fully leased to more than 30 companies with a workforce of over 5,000 employees.
Like GLP Alfalink Nagareyama, GLP Alfalink Sagamihara is LEED Gold certified and features office spaces, training and R&D facilities, factory lines and cold storage systems housed in an open-concept design.
“Our vision for the Alfalink series was a modern open hub facility where customers can co-create and collaborate with each other, and employees and residents are able to co-exist harmoniously,” Chosa said.
Flagship Steams Ahead
GLP Japan Development Partners IV launched in October 2021 as the fourth vintage of the firm’s flagship development fund series in Japan and reached a final closing in early 2022 with $3.7 billion in total equity commitments.
Investors in GLP JDP IV include the Canada Pension Plan Investment Board. The fund is expected to reach more than $9.1 billion in assets under management when fully deployed.
GLP Capital Partners, the fund management arm of Singapore-headquartered GLP, had $125 billion in assets under management across 54 funds at the end of March.