GLP to sell nine logistics for $529m
Global Logistics Properties has plans to sell a 2.5 million-square-foot portfolio of wholly owned properties in Japan to GLP J-REIT. The sales price is ¥53.8 billion ($529 million).
GLP plans to recycle the sales proceeds to retain its 15 percent stake in the J-REIT and to invest in development in China, Japan and Brazil. Following this transaction, GLP’s fund management platform will grow to $11.9 billion. The transaction is expected to be completed in September 2014.
The largest of the asset is a 1.11 million-square-foot logistics asset in Tokyo with a sales price of $354.7 million. The next largest assets are GLP Hiroshima, which is selling for $36.7 million, and GLP Futusaki in the greater Osaka area, totaling 285,000 square feet, which is selling for $25.8 million. The smallest asset is GLP Chikushino, located in the greater Fukuoka area, which is selling for $10.3 million.