GLP raises $334m in follow-on

The Japanese real estate investment trust of Singapore-listed Global Logistic Properties GLP raised Y34.5 billion $334 million in a follow-on offering on Wednesday.

GLP J-Reit, which has a portfolio of 30 logistics facilities in Japan, mostly in Tokyo and Osaka, sold 168,493 units in an international tranche and 124,538 to Japanese investors, according to a term sheet. All of the units on offer were primary.

Demand from both tranches allowed the issuer to price the units at Y113,827 each, representing a 2% discount to the August 18 closing price of Y118,300, a source close to the deal told FinanceAsia.

The initial discount...