Tokyo-listed industrial REIT, GLP J-REIT (TYO:3281), announced on 10 August that it will be acquiring five logistics properties in various parts of Japan for JPY38.1 billion (USD304 million).

The properties are namely the GLP Shinkiba located in Tokyo, the GLP Narashino and GLP Narita II located in Chiba, the GLP Sugito in Saitama and the GLP Tosu I in Saga. The properties will be acquired from special purpose companies belonging to Singapore-listed Global Logistics Group.

“The purchase of the assets planned for acquisition is aimed at acquiring modern logistics facilities that are able to produce steady income pursuant to GLP J-REIT’s objective”, said GLP J-REIT in a statement issued on the proposed acquisitions.

The acquisition, which is expected to be completed by September 2015, will be funded via a mix of cash and proceeds from borrowings and the issuance of new units in the REIT.

Units of GLP J-REIT are currently listed on the Tokyo Stock Exchange at JPY116,100.