Global Logistic Properties (GLP) and GLP Japan Income Partners I has sold a portfolio of seven logistics properties in Japan to GLP J-REIT for approximately $277 million.
The 184,000-square-foot portfolio is concentrated in Greater Tokyo and Greater Osaka, where 71 percent of the portfolio's net leasable area is located. The properties are 100 percent occupied by seven single tenants under long-term fixed leases, including well-known domestic third-party logistics provider companies.
"The Japanese logistics market is enjoying good health at the moment -- new supply is expected to be limited for the foreseeable future and as a result rents are expected to sustain a positive growth trend over the next 12 months," Stuart Crow, head of Asia Pacific Capital Markets at Jones Lang LaSalle said in a statement.
Global Logistics Properties is the largest provider of logistics facilities in China, Japan and Brazil, with more than $16 billion in its portfolio.
The GLP J-REIT listed on the Tokyo Stock Exchange last year and focuses on owning and operating logistics properties in Japan.