GLP sells four properties in Japan for 51.6b yen

Singapore

GLOBAL Logistics Properties (GLP) has signed an agreement to sell four wholly owned properties in Japan for 51.6 billion yen (S$642.4 million), a continuation of its capital recycling strategy, it said on Tuesday.

The four properties are 100 per cent leased, single-tenant facilities comprising a total gross floor area of 206,000 square metres (2.2 million square feet). The sale price is 5 per cent higher than the latest appraisal values and equates to a weighted average cap rate of 4.5 per cent.