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Singapore-based warehouse owner and operator Global Logistic Properties (GLP) is selling four logistics facilities in Japan to Sumitomo Mitsui Finance and Leasing (SMFL) for a total of 51.6 billion yen (S$642.49 million), said an SGX filing on Tuesday (29 August).
The four single-tenant facilities are GLP Misato, GLP Urayasu, GLP Funabashi II and GLP Maishima I. The first three are located in Greater Tokyo, while the last one is situated within Greater Osaka. All are fully leased and have a combined gross floor area of 205,600 sq m (2.2 million sq ft).
Their sale price is five percent higher than the latest collective appraised value of 49.4 billion yen as of 30 June 2017. GLP expects to receive net sale proceeds of US$266 million (S$360.35 million) upon completion of the deal on Friday (1 September).
Meanwhile, GLP J-REIT has signed a bridge scheme agreement to acquire the four assets from SMFL in the future, sometime between March 2018 and February 2023.
GLP is the real estate and asset manager of the Tokyo-listed REIT, which has right of first look on 12 additional properties wholly-owned by the Singaporean firm worth a total of US$1.4 billion (S$1.9 billion).
“This transaction is in line with our capital recycling strategy and growing fund management AUM. GLP J-REIT is an important part of our US$39 billion (S$ 52.83 billion) global fund management platform and we remain committed to further growing our portfolio in Japan,” said GLP chief executive Ming Z. Mei.
At present, GLP owns and manages 56 million sq m of logistics facilities across the world, with the largest market shares in Brazil, China, Japan and the US.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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