SINGAPORE : Global Logistic Properties (GLP) announced on Monday the expansion of GLP Japan Development Venture to US$2.2 billion.
It will commit an additional 29 billion yen (US$312.3 million) to the joint venture to develop modern logistics properties in Japan.
GLP has a 50 percent stake in the JV with Canada Pension Plan Investment Board.
Singapore-listed GLP is one of the world's leading providers of modern logistics facilities, with a market-leading position in China, Japan and Brazil.
"Our investment pipeline is considerably ahead of schedule and we are seeing strong demand for our developments, reflecting attractive fundamentals for modern logistics facilities in Japan," the group's co-founder, Jeffrey Schwartz, said.
"Today's announcement is also an important milestone in the continued growth of GLP's best-in-class fund management platform, as we continue to leverage our strong relationships with the world's leading institutional investors. Assets under fund management now stand at US$8.4 billion," he added.
GLP Japan Development Venture was formed in August 2011 with an equity commitment of US$500 million and a target loan-to-value of 50 percent.
To-date, the Venture has invested in four development projects totalling 43 billion yen (US$469 million).
- CNA/ch
Global Logistic Properties expands Japanese JV to US$2.2b
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Global Logistic Properties expands Japanese JV to US$2.2b
