GLP sells eight Japanese properties to REIT
GLP, a global provider of modern logistics facilities, has continued its capital recycling strategy with the sale of eight Japanese properties to GLP J-REIT for JPY84.9 billion ($1.05 billion). This will allow GLP to embark on new projects without any new capital being raised through debt. GLP is the property and asset manager of Japanese-listed GLP J-REIT.
The properties comprise seven wholly-owned GLP properties, and one from GLP Japan Development Venture II. They have a total gross floor area of 3.95 million sq ft. The sale is expected to be completed in Sept this year.
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