GLP divests five Japan properties for $428m

These will be sold to GLP J-REIT.

Global Logistic Properties will sell five of its properties in Japan for a total consideration of $428m (US$306m).

The properties, which have a total gross floor area of 203k sqm, will be divested to Tokyo-listed GLP J-REIT.

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 worth $2.52b (US$1.8 billion) wholly owned by GLP.

Following this transaction, GLP’s fund management platform will grow to $38.3b (US$27.4 billion). The transaction is expected to be completed in September 2015.

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