GLP Japan Real Estate Investment Trust (J-REIT) has raised ¥55.6bn (€441m) in a global offering of newly-issued investment units to purchase seven logistics assets in the Tokyo metropolitan and Greater Osaka areas.

The diversified portfolio has a total leasable area of approximately 328,000sqm and is fully occupied.

GLP said it was the REIT’s largest acquisition since its initial public offering in 2012 and increased its assets under management to JPY741bn.

Its AUM has grown approximately 14% annually over the past five years, supported by asset acquisitions by GLP of approximately US$4bn.

So far this year, the listed vehicle had raised approximately US$737m (€606m) to fund expansion.