GLP to Sell JP¥84.9 billion of assets to GLP J-REIT

Global modern logistics facilities and technology-led solutions provider GLP continues its capital recycling strategy with the sale of eight Japan properties to GLP J-REIT for JP¥84.9 billion (US$765 million).

The sale properties comprise seven GLP wholly-owned properties and one property from GLP Japan Development Venture II with a total gross floor area of 367,000sqm (4 million sqf).

Yoshiyuki Chosa, president of GLP Japan, said: “GLP J-REIT provides GLP with a long-term vehicle for capital recycling in Japan. Japan is one of GLP’s core markets for development and we are committed to expanding our fund management platform further.”

The sale is expected to be completed this month.

GLP is a global fund manager with over US$50 billion in assets under management and the company’s real estate fund platform is said to be one of the largest in the world, spanning 62 million sqm (667 million sqf) globally. GLP is the property and asset manager of GLP J-REIT, which was listed on the Tokyo Stock Exchange in December 2012.

By Muneerah Bee