The properties comprise a total gross floor area of 203,000 square meters (2.2 million square feet).
Tokyo Stock Exchange listed GLP J-REIT, is a real estate investment trust focused on operating logistics properties in Japan. GLP is the property and asset manager of the J-REIT.
GLP J-REIT has the right of first-look on a further 20 properties ($1.8 billion) wholly owned by GLP.
Post the deal, GLP’s fund management platform will grow to $27.4 billion. The transaction is expected to be completed in September 2015.
Ming Z Mei, chief executive of GLP said: “GLP J-REIT provides GLP with a long-term vehicle for capital recycling in Japan. Fund management is an important and growing part of our business. It contributes significant capital to fuel sustainable long-term growth, while enhancing returns on GLP’s invested capital. We are committed to expanding this platform further.”
Last month, GLP had reached a deal to acquire a $4.55 billion US logistics portfolio from Industrial Income Trust (IIT). GLP will own 100 per cent of the portfolio when the deal closes by 16 November 2015, but it plans to sell stake and reduce its holdings to 10 per cent by April 2016.
Also Read: GLP to acquire $4.55b US logistics portfolio
In July 2015, it had announced the setting up of a $7 billion China-based logistics infrastructure fund, to develop modern logistics facilities in China. This is the company’s second China-focused logistics infrastructure fund, and it is more than double of its earlier fund, that had closed at $3 billion.
GLP, which is one of the largest provider of modern logistics warehouses in China, will hold a 56 per cent stake in CLF II, and said it had commitments from leading global institutions, including some of the world’s largest national pension and sovereign wealth funds, for the remaining amount.
This is the company’s second Japan deal in months. In April, the company had said that that GLP Japan Development Venture had sold GLP Kobe-Nishi to GLP J-REIT for $59.9 million.