GLP to sell five properties to GLP J-REIT for $306m

Visual from GLP website

Singapore-listed Global Logistic Properties  Monday announced that it would sell five wholly-owned properties in Japan to GLP J-REIT for JPY38.1 billion ($306 million).

The properties comprise a total gross floor area of 203,000 square meters (2.2 million square feet).

Source: GLP website
Source: GLP website

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

GLP launches $7b fund for China expansion

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.

Also Read: GLP JDV to sell Kobe-Nishi to GLP J-REIT for $59.9m

GLP partners Singapore’s GIC for $8.1b IndCor deal

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.