GLP raises $334m in follow-on

Demand for GLP J-Reit, which has a portfolio of 30 logistics facilities in Tokyo and Osaka, allowed the issuer to price units at a 2% discount to August 18's closing price.
GLP J-Reit has 30 logistic properties in Tokyo and Osaka
GLP J-Reit has 30 logistic properties in Tokyo and Osaka

The Japanese real estate investment trust of Singapore-listed Global Logistic Properties GLP raised Y34.5 billion $334 million in a follow-on offering on Wednesday.

GLP J-Reit, which has a portfolio of 30 logistics facilities in Japan, mostly in Tokyo and Osaka, sold 168,493 units in an international tranche and 124,538 to Japanese investors, according to a term sheet. All of the units on offer were primary.

Demand from both tranches allowed the issuer to price the units at Y113,827 each, representing a 2% discount to the August 18 closing price of Y118,300, a source close to the deal told FinanceAsia.

The initial discount...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222