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SINGAPORE & TOKYO, 3 October, 2013 - Global Logistic Properties (GLP) and GLP Japan Income Partners I, advised by Jones Lang LaSalle’s Asia Pacific Capital Markets team, has sold a portfolio of seven logistics properties to GLP J-REIT for approximately 27.5 billion Yen (USD 277 million)*. The transaction completed on 1 October 2013.
The 184,000 sqm (gross floor area) portfolio is 100 percent occupied by seven single tenants, including well-known domestic third-party logistics provider (3PL) companies. The properties are concentrated in Greater Tokyo and Greater Osaka (71 percent of the portfolio’s net leasable area is in these two locations), and are fully occupied under long-term fixed leases.
Stuart Crow, head of Asia Pacific Capital Markets at Jones Lang LaSalle said: “The portfolio enjoys a stable income profile and there is potential for upside as the Japanese economy recovers and its logistics market continues to grow on the back of the nation’s rapidly expanding e-commerce and 3PL service sectors.”
He continued: “The Japanese logistics market is enjoying good health at the moment - new supply is expected to be limited for the foreseeable future and as a result rents are expected to sustain a positive growth trend over the next 12 months. All of these factors make the sector an attractive play for real estate investors at the moment.”
This is the fourth logistics transaction that Jones Lang LaSalle’s Asia Pacific Capital Markets team has advised on in the past 20 months, bringing total transaction volume to USD2.35 billion.
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Notes to editors
*Exchange rate: USD 1 = JPY 99.3 (September 2, 2013)
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