GLP Lists GLP J-REIT on Tokyo Stock Exchange

GLP Lists GLP J-REIT on Tokyo Stock Exchange

GLP today announced that the real estate investment corporation (“GLP J-REIT”) it has established has successfully completed its initial public offering in Japan and listed on the Tokyo Stock Exchange.

  • GLP J-REIT, Japan’s largest logistics REIT, commenced trading on Tokyo Stock Exchange on 21 December 2012
  • GLP contributing 30 assets and retaining a 15% interest

Singapore, 21 December 2012 – Global Logistic Properties (“GLP”), one of the world’s leading providers of modern logistics facilities, with a market leading presence in China, Japan and Brazil, today announced that the real estate investment corporation (“GLP J-REIT”) it has established has successfully completed its initial public offering (“IPO”) in Japan and listed on the Tokyo Stock Exchange. 

GLP is contributing 30 of its properties in Japan to GLP J-REIT (3281:Tokyo) for an initial consideration of US$2.6 billion, making GLP J-REIT the largest logistics REIT in Japan. The sale of the assets is expected to be completed on 4 January 2013. Net cash proceeds from the sale are estimated to be approximately US$1 billion, which GLP intends to use primarily for investment in China, Japan and other countries. 

This transaction is consistent with GLP’s strategies to recycle capital in order to create and enhance shareholder value and to grow its fund management platform. Together with GLP’s expansion to Brazil announced on 14 November 2012, GLP’s assets under management have tripled to US$7.2 billion.

Jeffrey Schwartz, Co-Founder of GLP and Chairman of the Executive Committee, said: “We are delighted that GLP J-REIT has received high levels of demand for its IPO, which is testament to the quality of GLP J-REIT’s initial portfolio and the strength and track record of GLP as an asset manager.

“This significant transaction will drive long term value for our shareholders as it creates additional capital to invest in our continued growth in China, Brazil and Japan while further strengthening our fortress-like balance sheet and generating an annuity-like fee revenue stream. The assets and customer relationships remain a part of the GLP network which is very important as Japan remains a highly attractive market for us.”

GLP J-REIT is a best-in-class company which has set new benchmarks within the J-REIT industry:

  • Strong alignment of sponsor interests with the interests of investors
  • High level of corporate governance 
  • Robust growth potential with embedded acquisition pipeline 
  • Optimal Payable Distribution policy to maximize investor returns 

GLP J-REIT completed an IPO of 1,834,500 units (including 87,400 units of over-allotment), comprising of a domestic offering of 1,054,838 units (57.5 percent of shares outstanding) and an international placement of 779,662 units (42.5 percent of shares outstanding). 

As at 21 December 2012, GLP has a unitholding interest of approximately 15.75 percent in GLP J-REIT. If the greenshoe option of 87,400 additional new units is exercised in full, GLP’s stake will be reduced to approximately 15 percent.


About Global Logistic Properties (www.glprop.com)

Global Logistic Properties (GLP) is one of the world’s leading providers of modern logistics facilities, with a market-leading position in China, Japan and Brazil. It owns, manages and leases out 505 completed properties in 206 logistics parks spread across 60 major cities and states in China, Japan and Brazil, forming an efficient logistics network with properties strategically located in key logistics hubs, industrial zones and urban distribution centres. By providing flexible solutions of Multi-tenant, Build-to-suit and Sales-and-leaseback, GLP is dedicated to improving the supply chain efficiency for strategic expansion goals of the most dynamic manufacturers, retailers and 3rd party logistics companies in the world. The Group was listed on the Mainboard of Singapore Exchange Securities Trading Limited on October 18, 2010 (Stock code: MC0.SI)  

Issued by: Global Logistic Properties Limited 


GLP Investor Relations & Media Contact:

Ambika Goel, CFA

SVP- Capital Markets and Investor Relations    

Tel: +65 6643 6372

Email:  agoel@glprop.com

 

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