GLP sells Japan properties to GLP J-REIT for US$472 mil

SINGAPORE (Aug 29): Global Logistic Properties (GLP) has signed an agreement to sell four of its properties in Japan for JPY51.6 billion, or roughly US$472 million based on the exchange rate as of Aug 21, to GLP J-REIT as part of its capital recycling strategy.

In a Tuesday announcement, GLP shares that the four properties are 100%-leased, single-tenant facilities which comprise a total gross floor area (GFA) of 2.2 million sq ft – and that their combined sale price is 5% higher than the latest appraisal values, which equates to a weighted average cap rate of 4.5%.

The group expects to receive net sale proceeds of US$266 million upon the scheduled completion of the sale agreement on Sept 1.

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