GLP’s Japan-focused REIT has raised around $532 million in a global offering to acquire seven Japanese warehouse properties, the company said in a statement. Through the acquisition, the company is preparing for a busy season in the country’s logistics market.
The portfolio of assets purchased by GLP Japan Real Estate Investment Trust includes six Greater Tokyo facilities and one Osaka-area warehouse. They have a combined leasable area of roughly 328,000 square metres, the company said. The portfolio acquisition was completed on December 11th, 2020.
GLP further added that it was GLP J-REIT’s biggest acquisition since its initial public offering (IPO) in 2012. The portfolio acquisition now places the company among the largest logistics listed trusts in Japan.
Yoshiyuki Miura, president of GLP Japan Advisors said that during 2020, GLP J-REIT raised approximately $737 million of capital the company is focused on executing its expansion and growth strategies to strengthen its position as a market leader in the J-REIT market.
Last month, Mapletree Investments announced that it acquired more warehouse space in Japan’s logistics market. According to the company, it acquired a 116,319 square metre (1,252,047 square foot) site near the city of Fukuoka.
Wong Mun Hoong, Mapletree’s regional chief executive for Australia and North Asia told the media, “Fukuoka, the gateway to Kyushu, is one of the regions in Japan where the group has a high conviction for modern logistics facilities. “Apart from diversifying our logistics portfolio, this prime land acquisition will enable the group to build a presence in Kyushu, provide quality logistics space to our business partners and deepen our network connectivity in seven out of eight regions in Japan.”