STOCKS NEWS SINGAPORE-GLP up at record high on plan to set up Japan REIT

Shares of Global Logistic Properties Ltd, which owns warehouses in China and Japan, rose 2.3 percent to a record high after it said it plans to raise $1.3 billion by setting up a real estate investment trust in Japan.

At 0139 GMT, GLP was up 2.3 percent at S$2.72 and have gained nearly 55 percent since the start of the year, outperforming the Straits Times Index's 15 percent rise.

GLP said it will set up its first real estate investment trust with 30 properties valued at $2.6 billion and that the amount raised will be used mainly for projects in China and Japan.

CIMB Research raised its target price for GLP to S$2.55 from S$2.48, after lifting its restated net asset value estimate for the property developer to account for enhanced asset management activities and upside from deploying proceeds to China and Japan.

However, the brokerage kept its 'neutral' rating on GLP, as its shares have gained 52 percent so far this year, and it believes that near-term positives have been priced in.

0940 (0140 GMT)