Global Logistic Properties (GLP) on Tuesday said it signed an agreement to sell four Japanese properties for US$472 million, as part of its capital recycling strategy.
The sale price is 5 percent higher than the latest appraisal values. GLP expects to receive net sale proceeds of US$266 million upon the scheduled completion on September 1, the company said in a statement.
The four properties are 100 percent leased, single-tenant facilities comprising a total gross floor area of 206,000 square meters.
GLP J-REIT is acquiring the assets via a bridge scheme, which offers flexibility to complete the transaction at a future date, it said.
Under the bridge scheme, Sumitomo Mitsui Finance and Leasing Co. will hold the assets for an interim period before GLP J-REIT acquires the four properties at a future date.
GLP is the property and asset manager of the J-REIT, which was listed on the Tokyo Stock Exchange in December 2012.
Shares in GLP were unchanged at S$3.25 on the Singapore Exchange. The stock has gained 16 percent so far this year.
