Global Logistic Properties, a unit of the Government of Singapore Investment Corp., and China Investment Corp. agreed to buy 15 Japanese warehouses for 122.6 billion yen ($2.1 billion) from LaSalle Investment Management, reported Reuters.
The properties, with 770,989 square meters (8.3 million square feet) of space mainly in Tokyo and Osaka, are bought by a 50-50 joint venture owned by Global Logistic and CIC, according to a statement to the Singapore Exchange. The acquisition will be funded with 81 billion yen of debt from a group of Japanese banks, as well as from the two partners, they said.
The two sovereign wealth funds won the bid about six months after the sale process first started. CIC, ranked the fifth-largest government fund worldwide, manages US$409.6 billion ($534.7 billion), while Singapore’s GIC is ranked eighth with US$247.5 billion, according to the Sovereign Wealth Fund Institute.
Global Logistic manages about US$11.7 billion of facilities in Japan and China, according to the company’s annual report.
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