GLP Continued Capital Recycling Strategy with Further Asset Sales
GLP will sell four properties in Japan to GLP JREIT for JPY42.7 billion (US$420 million). The sale price is 3% higher than latest appraisal values2 and equates to a weighted average cap rate of 4.8%.
GLP To Commence Development of Modern Logistics Facility in Greater Osaka
GLP will commence development of GLP Kobe Nishi II, a 71,000 sqm (764,000 sq ft) modern logistics property in Greater Osaka. The total development cost is estimated to be JPY10.5 billion (US$100 million).
GLP today announced that it will sell its 50% share of GLP MFLP Ichikawa Shiohama to GLP JREIT for approximately JPY15.5 billion (US$151 million) or a 4.5% cap rate.