Japanese real estate investment trust GLP J-REIT, managed by GLP Group, has raised JPY 28 billion (appr. US$253 million) through its first accelerated global offering to international and domestic investors for the acquisition of four logistics assets in the Tokyo metropolitan area and the Greater Osaka area.
GLP said the accelerated global offering (AGO) is a first among J-REITs and attracted strong interest from high-quality Japanese and international investors.
The four assets together comprise a total leasable area of approximately 161,982 square meters (approximately 1.7 million square feet) and an occupancy rate of 99.8 percent.
Following this acquisition – expected to be completed on 15 July 2021 – GLP J-REIT’s portfolio is expected to reach 86 properties with total acquisition price of JPY 788 billion (approximately $7.1 billion), making it amongst the largest logistics J-REITs.
“The stellar response for this accelerated global offering is a testament to the continued confidence of our investors. Over the last 12 months we’ve successfully completed three public offerings and achieved the highest external growth among logistics J-REITs. We will aim to continue leading the J-REIT market through implementing innovative initiatives and to maximize investor value through its best-in-class asset management services, recognized both in Japan and around the world, by continuing to harness GLP Group’s extensive experience in developing and operating logistics real estate,” said Yoshiyuki Miura, president of GLP J-REIT.
GLP J-REIT is included in the MSCI Global Standard Indexes, which is widely used by international fund houses for benchmarking global equities portfolios