GLP J-Reit hopes three's a charm

Tokyo-listed GLP J-Reit, a Japanese investment trust, is aiming for its third follow-on offering to fund the purchase of five logistics properties from its sponsor.
A warehouse owned by GLP J-Reit
A warehouse owned by GLP J-Reit

Japanese real estate investment trust GLP J-Reit is proceeding with its third follow-on offering since its debut in December 2012, sustaining an aggressive strategy of acquiring logistics assets from both its sponsor, Global Logistics Properties, and third parties in Japan.

The second-largest logistics Reit in Japan by market capitalisation said Monday it plans to issue 189,652 new investment units at an offer price to be determined between August 19 and August 25. There is a greenshoe option to sell an additional 7,942 units.

Based on GLP J-Reit’s closing price of 118,400 on Monday, the deal could raise as much as 23 billion $185 million including the greenshoe....

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