Singapore's Global Logistic Properties Ltd, one of the world's largest warehouse operators, plans to raise $1.3 billion by setting up a real estate investment trust (REIT) in Japan.
The group will set up its first real estate investment trust with 30 properties valued at $2.6 billion. The Singapore firm expects to raise net cash proceeds of $1.3 billion that it will use mainly for projects in China and Japan.
GLP, which is nearly 51 percent owned by sovereign wealth fund Government of Singapore Investment Corp., competes with companies such as Australia's Goodman Group Property Ltd and U.S. firm Prologis Inc. Full story
