GLP transfers Japanese logistics portfolio to J-REIT
Singapore-headquartered logistics giant GLP has sold eight assets to its listed Japanese vehicle for ¥84.9bn (€798m).
All the assets are in Japan and encompass 367,000sqm of gross floor area.
Seven of the buildings were wholly owned by GLP and one was held by GLP Japan Development Venture II.
GLP, which has more than SGD50bn (€44bn) in assets under management, is the property and asset manager of GLP J-REIT, which was listed on the Tokyo Stock Exchange in December 2012.
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 in September.