||Japan : GLP Continues Capital Recycling Strategy in Japan
||GLP, the leading global provider of modern logistics facilities and technology-led solutions, continues its capital recycling strategy with the sale of JPY89.8 billion (US$821 million) of assets from GLP Japan Development Venture I (GLP JDV I).
GLP J-REIT has obtained a Right of First Look on the sale assets via a bridge scheme. Under the bridge scheme, special purpose companies affiliated with Mizuho Securities will hold the assets for an interim period.
The sale assets comprise 342,000 square meters (3.7 million square feet) of high quality modern logistics facilities recently developed by GLP, including GLP Zama, one of GLP Japans signature development projects in Greater Tokyo which has obtained LEED Platinum certification.
Ming Mei, Co-Founder and CEO of GLP, said: This transaction is consistent with GLPs capital recycling strategy aimed at enhancing value for GLP and our partners. It also highlights the embedded value of GLPs development pipeline and how we are able to leverage our fund management platform to unlock value and generate the best possible returns.
GLP Japan manages over US$18 billion AUM across four private equity funds and GLP J-REIT. GLP recently established GLP Japan Development Partners III, the largest ever Japan-focused logistics private real estate fund. Several sovereign wealth and pension funds have invested in the vehicle, which is expected to reach JPY625 billion (US$5.6 billion) AUM when fully invested.
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