Global Logistic Properties to set up Japan Reit

GLOBAL Logistic Properties (GLP) will inject 30 logistics properties into a long-awaited Japan real estate investment trust (Reit).

GLP will receive net proceeds of about 100 billion yen (S$1.6 billion) after paying all outstanding borrowings and tenant deposits on the the Japanese buildings, which have been valued at 209 billion yen.

The firm said it wants to use the cash mainly for investments in China and Japan.

GLP is the sole sponsor and will act as the Reit's property and asset manager so it will receive asset and property management fees as well as fees from further property trading.