GLP J-REIT secured loans totaling ¥32.27 billion that it intends to use for debt repayment and for its settlement of a six-property acquisition deal worth roughly ¥77.06 billion.

A syndicate of 12 banks agreed to provide the industrial real estate investment trust with a ¥5.50 billion loan, which will bear an interest rate of base rate plus 0.15% and will mature Feb. 28, 2019.

The lenders extending the first loan are Sumitomo Mitsui Banking Corp., The Bank of Tokyo-Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust and Banking Corp., the Tokyo branch of Citibank NA, The Bank of Fukuoka Ltd., Development Bank of Japan Inc., The Norinchukin Bank, Resona Bank Ltd., Sumitomo Mitsui Trust Bank Ltd., Shinsei Bank Ltd., and The 77 Bank Ltd.

Other than The Bank of Fukuoka and The 77 Bank, the lenders of the first loan will also be providing the ¥26.77 billion total amount of the other loans, which GLP will draw down March 1.

Funds from all the loans will be used to repay ¥5.50 billion worth of existing debt and to partially finance the trust's proposed acquisition of the Japanese properties.

Both loans were arranged by Sumitomo Mitsui Banking Corp. and The Bank of Tokyo-Mitsubishi UFJ Ltd., according to a filing.

In the same filing, GLP J-REIT also detailed its interest rate swap agreement with Nomura Securities Co. Ltd. and Sumitomo Mitsui Trust Bank Ltd.

As of Feb. 26, US$1 was equivalent to ¥106.92.