GLP disposes of Japan warehouse for 8.2b yen
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SINGAPORE'S logistics facilities provider Global Logistic Properties (GLP) said on Thursday it is continuing with its capital recycling strategy with the sale of GLP Narita in Japan to a private equity fund.
GLP Narita is located in the Airport South Industrial Park close to an interchange of Shin Kuko Expressway, adjacent to Narita airport in Sanbu City, Chiba prefecture.
The sale price of 8.2 billion yen (S$103 million) equates to a 4.9 per cent cap rate and represents a 12 per cent premium to book value.
The sale of the 51,000-square-metre property in Greater Tokyo is expected to complete this month.
Yoshiyuki Chosa, president of GLP Japan, said Japan is one of GLP's core markets for development and growing its fund management platform.
Including the latest transaction, GLP has generated US$1.1 billion cash profit from US$4.8 billion of asset sales in Japan since FY2012, representing a 13 per cent internal rate of return before fees and promotes.
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