GIC has confirmed that it has completed the block sale of Global Logistic Properties (GLP), Japan's biggest owner of industrial properties.

Although the price was not revealed to The Straits Times in a statement on Tuesday morning, it did confirm that 'this block sale is part of GIC's regular rebalancing activities for its overall portfolio.'

GIC has been the major shareholder in GLP since its establishment, it added that they were 'pleased with the company's execution of its strategies and are confident of its long-term prospects.'

According to Bloomberg on Monday, GIC was seeking to raise as much as S$1.6 billion selling part of its stake in GLP.