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GLP J-REIT

#3101

Rank

$4.1B

Marketcap

JP Japan

Country

GLP J-REIT
Leadership team

Chie Kawase (Chief Investment Officer, Head of Investment Department, GM & Head of Asset Management of GLPJA)

Aki Sadahiro (Head of Corp. Planning Dept - & GM of GLP Japan Advisors Inc)

Mr. Yoshiyuki Miura (Exec. Director)

Products/ Services
Finance, Financial Exchanges, Financial Services
Headquarters
Tokyo, Tokyo, Japan
Established
2007
Net Income
100M - 500M
Revenue
100M - 500M
Traded as
3281.T
Overview
Location
Summary
GLP J-REIT is a real estate investment corporation (?J-REIT?) specializing in logistics facilities, and it primarily invests in modern logistics facilities. GLP J-REIT was founded in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter the ?Investment Trust Act?) with GLP Japan Advisors Inc. as the founder. It had its units listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange on December 21, 2012 (securities code: 3281). Having the GLP Group (Note) as the sponsor group and investing in highly functional modern logistics facilities while taking advantage of the wealth of experience and management resources, GLP J-REIT aims to earn stable income and achieve steady growth in assets under management over the medium and long term. Since starting its operation as a listed J-REIT with 30 properties (total acquisition price of 208,731 million yen) in January 2013, GLP J-REIT has been steadily expanding its assets through the continuous acquisition of properties. As of the end of the current fiscal period, GLP J-REIT owns 78 properties (total acquisition price of 644,878 million yen).
History

Founding and Early History

Incorporated in 2007 as Global Logistic Properties, it was subsequently listed on the Singapore Exchange in 2010 by co-founders Ming Mei and Jeffrey Howard Schwartz. Schwartz and Mei had both worked for American logistics real estate investment trust company Prologis; Schwartz was a chief executive and Mei launched the company’s operations in China. When Schwartz stepped down from Prologis in November 2008, he and Mei partnered with Singapore’s sovereign wealth fund GIC to purchase Prologis’ assets in China and Japan for $1.3 billion.GLP was listed on the Singapore Exchange in October 2010, raising S$3.45 billion in its initial public offering.Through a joint venture with GIC, China Investment Corporation and CPP Investment Board, GLP expanded to Latin America in 2012 by purchasing over 30 logistics assets in Brazil for $1.45 billion. The same year it listed a $1.3 billion Japanese REIT on the Tokyo Stock Exchange; at the time it was Japan’s largest real estate IPO.On November 19, 2014, co-founder and deputy chairman Schwartz died at the age of 55.After its 2015 U.S. acquisitions of IndCor Properties from The Blackstone Group for $8.1 billion and 200 U.S. warehouses for $4.55 billion, GLP continued to expand globally with the $2.8 billion acquisition of Gazeley, a company that owns warehouses and distribution parks throughout Europe and North America.

Privatization

In 2017 GLP put itself up for sale in a bid to go private. The auction for the company - initially valued at $10 billion - was subject to criticism after it only attracted two bidders - Warburg Pincus and a consortium that included Bank of China, China Life Insurance Company, HOPU Investment Management and GLP chief executive Mei. Several potential investors opted not to bid, saying the process lacked transparency and Mei’s involvement gave the consortium an advantage. In July 2017, Mei's consortium won the bid to acquire GLP and take the company private for S$16 billion . More than 96 percent of the company’s shareholders voted for GLP to delist from the Singapore Stock Exchange in November 2017; it was officially delisted on January 22, 2018.

2018-Present

Global Logistic Properties changed its name to the acronym GLP in 2018 because its mission expanded. In spring of 2018, GLP established the $1.6 billion Hidden Hill Modern Logistics Private Equity Fund to invest in technology solutions such as robotics, automation and big-data sectors to improve efficiency in the logistics industry.In September 2018, GLP expanded into India by forming a strategic partnership with IndoSpace.GLP sold about 1,300 of its U.S. warehouses to The Blackstone Group in June 2019 for $18.7 billion. The Wall Street Journal called it “the largest private real-estate transaction ever.”As of April 2019, GLP was run by Mei as chief executive.In March 2020, GLP and Golden Lincoln Holdings offered $930 million to take consumer goods supplier Li & Fung private.During the COVID-19 pandemic, the company opened 110 of its logistics parks in China for the storage and transfer of healthcare equipment.

Mission
GLP J-REIT provides unitholders with stable current income and capital appreciation through proactive and efficient portfolio management.
Vision
GLP J-REIT will become Japan’s leading industrial logistics-focused REIT delivering unitholder value while maintaining strong business principles.
Key Team

Chie Kawase (Chief Investment Officer, Head of Investment Department, GM & Head of Asset Management of GLPJA)

Aki Sadahiro (Head of Corp. Planning Dept - & GM of GLP Japan Advisors Inc)

Mr. Yoshiyuki Miura (Exec. Director)

Recognition and Awards
GLP J-REIT was awarded the “Asia Pacific REIT of the Year” at the AsianInvestor Real Estate Investment Trust Awards for the consecutive third year in 2020.
References
GLP J-REIT
Leadership team

Chie Kawase (Chief Investment Officer, Head of Investment Department, GM & Head of Asset Management of GLPJA)

Aki Sadahiro (Head of Corp. Planning Dept - & GM of GLP Japan Advisors Inc)

Mr. Yoshiyuki Miura (Exec. Director)

Products/ Services
Finance, Financial Exchanges, Financial Services
Headquarters
Tokyo, Tokyo, Japan
Established
2007
Net Income
100M - 500M
Revenue
100M - 500M
Traded as
3281.T