Published:
GLP sells Greater Tokyo logistics development for US$151 million
It has a 50% stake in the project.
Global Logistic Properties will sell its 50% stake in GLP・MFLP Ichikawa Shiohama, a logistics development in Greater Tokyo, for a total consideration of JPY15.5 billion (US$151 million).
The stake will be divested to GLP J-REIT. The sale crystallizes JPY4.9 billion (US$48 million) of development profit for GLP.
GLP・MFLP Ichikawa Shiohama is a 50:50 joint venture project with Mitsui Fudosan, located along the Tokyo Bay Area, about 15 km from the city center.
The 122,000 square meters (1.3 million square feet) property was completed in January 2014 and is fully leased to leading global retailers like Rakuten, H&M and Forever 21.
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