Global Logistic Properties (GLP) has sold four properties to its listed GLP J-REIT for JPY51.6bn (€395m).

GLP J-REIT, listed on Tokyo Stock Exchange in December 2012, has the first right to an additional 12 properties, wholly owned by GLP.

The sale price is 5% higher than latest appraisal values and equates to a weighted average cap rate of 4.5%. GLP expects to receive net sale proceeds of US$266m (€221m) on scheduled completion on 1 September 2017.

GLP J-REIT is acquiring the assets via a bridge scheme which offers flexibility to complete the transaction at a future date. Under this scheme, Sumitomo Mitsui Finance and Leasing Company will hold the assets for an interim period before GLP J-REIT acquires the four properties at a future date.

Ming Z. Mei, GLP’s CEO, said: “This transaction is in line with our capital recycling strategy and growing fund management AUM.

“GLP J-REIT is an important part of our US$39bn global fund management platform and we remain committed to further growing our portfolio in Japan.”