Global Logistic Properties (GLP) and Canada Pension Plan Investment Board (CPPIB) announced the establishment of a 50:50 joint venture (JV), GLP Japan Development Venture II (GLP JDV II), with total equity commitments of 100 billion yen ($1.23 billion).
The JV is expected to reach US$2 billion ($2.8 billion) over three years. Its investment strategy allows it to sell assets to GLP J-REIT, providing higher flexibility and attractive returns.
GLP JDV II is expected to commence construction of new developments in 2016.
The JV is a follow-on venture to GLP Japan Development Venture I, which was launched in September 2011 and expanded twice since. GLP JDV I has reached 92% of its investment capacity of US$2.4 billion of projects in various stages of development.
GLP JDV II will be seeded with GLP Nagareyama, a large-scale logistics park in Greater Tokyo with 3.4 million sq ft of total gross floor area. The project is expected to be constructed in phases at a total investment cost of 59 billion yen.
Shares in GLP ended at $1.63 on Tuesday.
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The JV is expected to reach US$2 billion ($2.8 billion) over three years. Its investment strategy allows it to sell assets to GLP J-REIT, providing higher flexibility and attractive returns.
GLP JDV II is expected to commence construction of new developments in 2016.
The JV is a follow-on venture to GLP Japan Development Venture I, which was launched in September 2011 and expanded twice since. GLP JDV I has reached 92% of its investment capacity of US$2.4 billion of projects in various stages of development.
GLP JDV II will be seeded with GLP Nagareyama, a large-scale logistics park in Greater Tokyo with 3.4 million sq ft of total gross floor area. The project is expected to be constructed in phases at a total investment cost of 59 billion yen.
Shares in GLP ended at $1.63 on Tuesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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