- GLP to sell JPY30.5 billion (US$278 million[1]) of assets and solar panels to GLP J-REIT
- Transaction is consistent with GLP's capital recycling strategy
TOKYO, Feb. 5, 2018 /PRNewswire/ -- GLP, the leading global provider of modern logistics facilities and technology-led solutions, continues its capital recycling strategy with the sale of JPY30.5 billion (US$278 million) of assets and solar panels to GLP J-REIT.
GLP Japan Development Venture I ("GLP JDV I") will sell GLP Soja I and GLP Soja II to GLP J-REIT for JPY25.5 billion (US$233 million). The two modern logistics properties are located in Greater Osaka and comprise total gross floor area of 156,000 square meters (1.7 million square feet). They were completed in February 2013 and October 2015 respectively and are currently 95% leased. GLP is the asset manager and owns a 50% stake in GLP JDV I.
GLP will also sell JPY5 billion (US$45 million) of solar panels which are installed on the roof of 13 GLP J-REIT properties.
The transaction is expected to be completed in March 2018.
Yoshiyuki Chosa, President of GLP Japan said: "The sale of these assets creates considerable value for GLP and our partners. Fund management is an important and growing part of our business and we are committed to expanding this platform further through further capital recycling to J-REIT and establishing new funds."
GLP J-REIT, listed on the Tokyo Stock Exchange in December 2012, is a real estate investment trust focused on operating logistics properties in Japan. GLP is the property and asset manager of the J-REIT. GLP J-REIT has the right of first look on a 12 properties (US$1.4 billion) wholly owned by GLP.
About GLP (www.glprop.com)
GLP is the leading global provider of logistics solutions. Through its network of strategically-located properties and ecosystem partners, GLP is able to offer both space and technology-led solutions to drive value for its customers. GLP is one of the world's largest real estate fund managers, with over US$43 billion of assets under management and a global portfolio of 59 million square meters (636 million square feet) spread across eight countries globally.
Please note that the Company's name has changed to GLP effective January 2018.
About GLP Japan (http://www.glprop.co.jp)
GLP is the largest owner and manager of modern logistics facilities in Japan, with a 6 million square meter (65 million square feet) portfolio mainly concentrated in Greater Tokyo and Greater Osaka. GLP Japan is a pioneer in the development of green buildings in Japan and is consistently recognized by GRESB for its continued leadership and commitment to sustainability.
GLP Investor Relations & Media Contact:
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
Email: agoel@glprop.com
This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," "intends," "foresees," "estimates," "projects," and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP's assumptions are correct.
1 Unless stated, all exchange rates are reported as 1 USD=JPY109.65, the closing exchange rate as of 1 February 2018
SOURCE GLP
