Logistics major GLP sells assets worth $278m to its Japanese REIT

Visual from company website.

Global Logistic Properties (GLP) has sold logistics assets and solar panels worth $278 million (JPY30.5 billion) to its Tokyo stock exchange listed Japanese real estate investment trust (J-REIT).

In an announcement on Monday, the logistics giant said that its 2011-established Japan Development Venture I (GLP JDV I) will sell the two assets GLP Soja I and GLP Soja II located in Greater Osaka to GLP J-REIT for $233 million (JPY25.5 billion). Further, GLP will sell $45 million (JPY5 billion) of solar panels which are installed on the roof of 13 GLP J-REIT properties, it added.

The two logistics properties comprise total gross floor area of 156,000 square meters and were completed in February 2013 and October 2015 respectively and are currently 95 per cent leased. GLP, the asset manager owns a 50 per cent stake in GLP JDV I.

The seller, GLP JDV I, is a joint venture between GLP and Canada Pension Plan Investment Board (CPPIB). It focuses on building modern, large-scale logistics facilities in the Greater Tokyo and Greater Osaka regions in Japan.

“The sale of these assets creates considerable value for GLP and our partners. Fund management is an important and growing part of our business and we are committed to expanding this platform further through further capital recycling to J-REIT and establishing new funds,” said Yoshiyuki Chosa, President of GLP Japan.

The transaction is expected to be completed in March 2018, the statement said.

The capital recycling comes soon after GLP de-listed from the Singapore stock exchange after a privatisation deal led by Nesta Investment Holdings, the vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke.

The $11.6-billion buyout and privatisation that was completed earlier this year is considered to be the largest ever private equity acquisition of an Asian company. GLP, one of the largest real estate private equity managers in the world, has $43 billion of assets under management.

Also Read:

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GIC-backed GLP privatisation comes into effect, to delist from SGX on Jan 22

GLP establishes two new European funds post Gazeley acquisition

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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).

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  • 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.