GLP, Chinese Fund To Buy Japanese Warehouses For $1.6B

Law360, New York (December 19, 2011, 5:49 PM EST) -- China Investment Corp. and Global Logistic Properties Inc. are working together for the first time to purchase 15 logistic warehouses in Japan for 122.6 billion yen ($1.6 billion), the buyers said Monday.

The Chinese sovereign wealth fund and the Singapore-based logistics company are purchasing the facilities from LaSalle Investment Management LLC, the statement said. A subsidiary of each investor will put in an initial equity outlay of 21.2 billion yen for the 50-50 partnership.

China Investment and Global Logistic, which will manage the facilities, are purchasing the properties at a time when Japanese companies are...
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