GLP submits bid for industrial assets in Japan

Global Logistic Properties (GLP), which owns warehouses in China and Japan, said that it had submitted a bid to acquire a portfolio of over 20 industrial assets in Japan from LaSalle Investment Management, confirming earlier media reports.

If its bid is successful, GLP, partly owned by Government of Singapore Investment Corporation (GIC), expects to acquire the portfolio in a fund structure with one or more institutional investors.

GLP added that it was unaware of any details on whether its bid for the properties would be successful.

According to reports, GLP would have to pay up to 140 billion yen or about US$1.73 billion for the assets.

Source : Today – 4 Jul 2011

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