Global Logistic Properties Welcomes CBRE Global Multi Manager Clients into Existing Strategic Joint Venture with CIC
- GLP continues to grow its fund management platform with the world’s leading institutional investors
- CBRE Global Multi Manager separate account clients (including one of its sponsored funds) areacquiring 16.7% of GLP-JLP from GLP for JPY7.6 billion (US$98 million)
- GLP will continue to manage the portfolio of 15 modern logistics facilities in Japan
- Transaction consistent with GLP’s strategy to recycle capital
- CBRE Global Multi Manager clients gain exposure to strong portfolio, with a high-quality tenantprofile and stable cash flow
Singapore, 5 October 2012 – Global Logistic Properties Limited (“GLP”), one of the world’s largest providers of modern logistics facilities, today announced the sale of 16.7% of the total outstanding equity of GLP Japan Logistics Partners (“GLP-JLP”)[ Legal entity known as “Light Year One Holdings Ltd.”] to clients of CBRE Global Multi Manager for JPY7.6 billion (US$98 million)[ Assumed exchange rate –USD1 = JPY77.6]. CBRE Global Multi Manager is the private equity indirect investment division of CBRE Global Investors, which is one of the largest institutional real estate investment managers in the world.
GLP-JLP was a 50:50 joint venture between GLP and China Investment Corporation (“CIC”). At the time the joint venture was announced, GLP stated its equity exposure to Japan will remain stable or go down over time. Following the transaction announced today, GLP will retain a 33.3% interest in GLP-JLP and CIC will retain 50%. GLP will remain the asset manager of the portfolio with sole responsibility for day-to-day operations.
The portfolio of 15 modern logistics properties has a total Gross Floor Area of 770,989 sqm (8.3 million square feet), more than 90% of which is located within the prime Greater Tokyo and Osaka areas. As of 30 September 2012, the portfolio had a weighted average lease expiry of 5.2 years, and the overall occupancy of the properties was 98.9%. Under GLP’s management, the portfolio has already seen occupancy increase 90 basis points and a 0.9% increase in rent in the eight months since the acquisition.
Jeffrey Schwartz, Deputy Chairman of GLP, said: “We are delighted to enter this new partnership with an investment manager of CBRE Global Multi Manager’s calibre and global standing. This transaction is in line with our goal, stated at the formation of this joint venture, to recycle capital from our existing equity investments in Japan. We remain focused on further building our fund management platform and driving higher returns for our shareholders.”
Jeremy Plummer, CEO of CBRE Global Multi Manager, said: “Japan is an attractive logistics market, with strong demand and a limited supply of modern facilities. This transaction provides us with the opportunity to partner with GLP, Asia’s market leader in modern logistics facilities, and gives our clients access to a high-quality portfolio with a strong tenant profile and stable cash flow.”
M3 Capital Partners (HK) Limited served as exclusive financial advisor to GLP in connection with the original formation of the partnership and the subsequent admission of CBRE Global Multi Manager’s clients.
About Global Logistic Properties (www.glprop.com)
Global Logistic Properties (GLP) is one of the world’s largest providers of modern logistics facilities, with a market-leading presence in China and Japan. It owns, manages and leases out 446 completed properties in 187 logistics parks spread across 36 major cities in China and Japan, forming an efficient logistics network with properties strategically located in key logistics hubs, industrial zones and urban distribution centres. By providing flexible solutions of Multi-tenant, Build-to-suit and Sales-and-leaseback, GLP is dedicated to improving the supply chain efficiency for strategic expansion goals of the most dynamic manufacturers, retailers and 3rd party logistics companies in the world. The Group was listed on the Mainboard of Singapore Exchange Securities Trading Limited on October 18, 2010 (Stock code: MC0.SI).
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Issued by: Global Logistic Properties Limited |
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Ambika Goel, CFA Tel: +65 6643 6372 |
About CBRE Global Multi Manager (www.cbreglobalinvestors.com)
CBRE Global Multi Manager (GMM) is a multi manager with $12.2 billion in assets under management* as of June 30, 2012, and is the private equity indirect investment division of CBRE Global Investors, which is one of the largest institutional real estate investment managers in the world. GMM manages both separate accounts and pooled funds of funds. Investments include primary unlisted property funds, secondaries, club deals and co-investments, all managed by best-in-class local operators. GMM has 53 professionals located in London, Amsterdam, Boston and Singapore.
* Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of GMM’s presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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CBRE Global Multi Manager Investor Relations & Media Contact: Pam Barnett |
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