MODERN logistics space provider GLP said on Monday that it will sell five wholly owned properties in Japan to Tokyo-listed GLP J-Reit for 38.1 billion yen (S$423.7 million).
The sale price is in line with the properties' fair market value as at June 30. The properties spanning Tokyo, Greater Tokyo and Greater Fukuoka cover a total gross floor area of 2.19 million square feet.
GLP said that its fund management platform will grow to US$27.4 billion following this transaction, which is expected to be completed in September.
GLP J-Reit has the right of first look for a further 20 properties worth US$1.8 billion wholly owned by GLP.
GLP chief executive Ming Z Mei said that fund management is an important and growing part of the group's business, contributing significant capital to fuel sustainable long-term growth while enhancing returns on GLP's invested capital.
"We are committed to expanding this platform further," he added.