Global Logistic Properties tie-up to sell asset to Japan Reit for 7.2b yen

LOGISTICS facilities provider Global Logistic Properties (GLP) said its joint venture GLP Japan Development Venture will sell GLP Kobe-Nishi, a 392,000 sq ft property in Greater Osaka, to GLP J-Reit for 7.2 billion yen (S$81 million).

"The sale crystallises a 38 per cent development value creation margin for the venture within 14 months," GLP said.

Tokyo-listed GLP J-Reit is a real estate investment trust focused on operating logistics properties in Japan. GLP is the property and asset manager and owns 15 per cent of GLP J-Reit.

GLP closed on Thursday at S$2.74, up two cents.