Japanese industrial real estate investment trust GLP J-REIT plans to issue new investment units to raise net proceeds of around ¥67.16 billion to partially finance its acquisitions of six Japanese properties for roughly ¥77.06 billion.
The company plans to issue 544,484 new investment units through public offerings, with proceeds of ¥31.24 billion expected from a domestic primary offering, up to ¥33.58 billion expected from an international offering and up to ¥2.34 billion from the issuance of new investment units by way of a third-party allotment.
GLP agreed to acquire the five-story GLP Soja I logistics facility in Soja, Okayama, from Soja Logistics Special Purpose Co. for ¥12.80 billion, and the GLP Soja II logistics facility, also rising five stories and located in Soja, for ¥12.70 billion from Soja Two Logistics Special Purpose Co.
In addition, the company will pay ¥7.44 billion for the GLP Urayasu property in Urayasu, Chiba; about ¥7.79 billion for GLP Funabashi II in Funabashi, Chiba; around ¥16.94 billion for GLP Misato in Misato, Saitama; and ¥19.39 billion for the GLP Maishima I property in Osaka.
The properties are scheduled to be acquired March 1 using the issuance proceeds, as well as borrowings and cash on hand.
GLP also amended its distribution-per-unit forecast for the fiscal period from March 1 to Aug. 31 to ¥2,580 from its previous projection of ¥2,492.
As for the fiscal period running from Sept. 1 to Feb. 28, 2019, the company expects to distribute ¥2,503 per unit.
As of Feb. 2, US$1 was equivalent to ¥110.39.
