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GLP J-REIT buying ¥84.85B of Japanese logistics assets

Tokyo-based GLP J-REIT agreed to buy trust beneficiary interests with lease contracts in eight Japanese logistics facilities for a sum of ¥84.85 billion from special purpose companies, or SPCs, owned by its parent, GLP Pte. Ltd.

The industrial real estate investment trust will buy three properties from Azalea Two SPC: GLP Shonan in Fujisawa, Kanagawa, for ¥5.87 billion; GLP Settsu in Settsu, Osaka, for ¥7.30 billion; and GLP Shiga in Kusatsu, Shiga, for ¥4.55 billion.

Cosmos SPC will sell GLP Nishinomiya in Nishinomiya, Hyogo, and GLP Fujimae in Nagoya, Aichi, for ¥2.75 billion and ¥1.98 billion, respectively. Shinsuna Logistics SPC will sell GLP Shinsuna in Koto-Ku, Tokyo, for ¥18.30 billion, while Osaka Logistics SPC will sell GLP Osaka in Osaka for ¥36.00 billion. GLP Neyagawa in Neyagawa, Osaka, will be purchased for ¥8.10 billion from Neyagawa Logistics SPC.

The assets are scheduled to be acquired Sept. 3.

GLP J-REIT plans to use estimated net proceeds of ¥47.85 billion from an issuance of 411,013 new units to partially fund the acquisition, along with borrowings and cash on hand. The offer price is yet to be determined.

As of Aug. 10, US$1 was equivalent to ¥110.65.