Singapore's GLP gets approval for Tokyo listing of Japan trust

SINGAPORE Wed Nov 14, 2012 3:45am EST

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SINGAPORE Nov 14 (Reuters) - Global Logistic Properties Ltd (GLP), one of the world's largest warehouse operators, said it has obtained approval from the Tokyo Stock Exchange to list a real estate investment trust with Japanese assets on the bourse.

GLP said it expects to maintain a stake of around 15 percent in the Japan REIT upon completion of the initial public offering.

The Singapore-based warehouse operator plans to raise net cash proceeds of about $1.3 billion through the REIT, which could have properties worth up to a total of $2.7 billion. (Reporting by Charmian Kok; Editing by Muralikumar Anantharaman)

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