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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