Global Logistic Properties (GLP) has sold a large warehouse in Narita, near Tokyo international airport, to an undisclosed private equity fund for JPY 8.2bn (€67.7m).

IPE Real Estate understands that it an international group bought the property amid strong competition.

GLP was able to achieve a 12% premium to book value for the building.

Yoshiyuki Chosa, president of GLP Japan, said: “This transaction is an opportunistic disposition, consistent with our strategy of recycling capital and maximising returns for GLP shareholders.

“Japan is one of GLP’s core markets for development, and for growing our fund management platform.”  

The sale is due to be completed later this month.

GLP has owned the building, which is fully-let, since its initial public offering in 2010.

In March this year, GLP signed a new 15,000sqm lease with Akachan House, an e-commerce retailer of baby products.

GLP said that since the 2012 financial year, it has raised US$1.1bn cash profit from US$4.8bn worth of asset sales in Japan.