Singapore-listed Global Logistic Properties Ltd (GLP) , which owns warehouses, said it will jointly invest $500 million of equity developing facilities in Japan over the next three years.

The Japan Development Fund, a 50-50 joint venture with Canada Pension Plan Investment Board launched last month, plans to invest $500 million to develop multi-tenant or build-to-suit facilities in greater Tokyo and Osaka areas.

GLP, which also owns logistic facilities in China, said it has started work on GLP Misato III, a 93,831 square metre multi-tenant development in greater Tokyo. Construction will begin in April, it added. (Reuters)