Global Logistic Properties sells four Japan properties for $642.4m

It's part of a capital recycling strategy.

Global Logistic Properties (GLP) sold four of its Japanese properties for $642.4m (¥51.6b) as part of its capital recycling strategy.

According to KGI, GLP expects to receive net sale proceeds of $360.3m (US$266m) up until 01 September 2017.

The largest property is GLP Maishima I in Osaka with an appraisal value of $239.4m (¥19.4b), according to Jefferies Japan. The second largest property, GLP Misato in Saitama, has an appraisal value of $218.4m (¥17.7b).

“Given the relatively large size of acquisitions, GLP may raise equity to fund these acquisitions,” Jefferies analyst Chang Han Joo said.

Earlier this month, GLP posted a 28.9% YoY fall in net profit from $274.8m (US$202.9m) to $195.3m (US$144.2m).

It also received a buyout offer from Nesta Investment Holdings at $3.38 per share, with an overall value of about $16b.