Global Logistic Properties, CIC In JV To Buy LaSalle Japan Properties For US$1.6 Billion
December 19 2011 - 5:57AM
Dow Jones News
Singapore's Global Logistic Properties Ltd. (MC0.SG) said Monday
it formed a joint venture with state investment firm China
Investment Corp. to acquire 15 Japan logistic properties from
LaSalle Investment Management in a deal worth about US$1.6
billion.
The joint venture, evenly held by GLP and CIC, will fund the
acquisition of the properties--over 90% of which are located in
Greater Tokyo and Osaka--with debt and equity, the company said in
a statement.
GLP and CIC will each initially invest US$272.9 million in the
joint venture, and GLP will act as the manager of the JV providing
asset and property management services, it added.
Global Logistic Properties is majority owned by state investment
firm Government of Singapore Investment Corp.
-By Chun Han Wong, Dow Jones Newswires; +65-6415-4160;
chunhan.wong@dowjones.com
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