Singapore's GLP, CIC to launch JV for Japan logistic assets
Singapore's Global Logistic Properties, the largest industrial and logistic infrastructure provider, said yesterday that it will set up a 50:50 joint venture with China's sovereign wealth fund China Investment Corp, to take over 15 Japanese logistic properties for about US$1.6 billion, China Knowledge reported.
GLP, a subsidiary of Government of Singapore Investment Corp, said in a statement that it will buy the logistic assets, which are mainly for distribution and warehousing purposes, from LaSalle Investment Management, a unit of real-estate company Jones Lang LaSalle Inc.
The 15 logistic properties, mainly located in Greater Tokyo and Osaka, have a floor area of 770,989 square meters in total as well as an occupation rate of 98.3%.
The two companies will each invest about US$272.9 million in the JV initially, said GLP, which will take charge of the management of the purchased assets.
Jones Lang LaSalle said that the acquisition is expected to be completed in the first quarter of 2012.