GLP sells 50% stake in Greater Tokyo logistics property for $204 mil

SINGAPORE (June 30): Global Logistic Properties, the provider of modern logistics facilities, is selling its 50% share of GLP・MFLP Ichikawa Shiohama to GLP J-REIT for JPY15.5 billion ($203.8 million).

The sale will “crystallise” JPY4.9 billion of development profit for GLP, representing a 46% development profit margin, says GLP in a Thursday filing.

Located along the Tokyo Bay Area, about 15 km from the city center, GLP・MFLP Ichikawa Shiohama is a 50:50 joint venture project between GLP and Mitsui Fudosan. The 1.3 million sf 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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