December 12, 2012 / 7:06 AM / 6 years ago

GLP's Japan REIT prices shares at top of range

TOKYO, Dec 12 (Reuters) - GLP J-REIT, a Japanese real estate trust set up by Singapore’s Global Logistic Properties Ltd , will sell 111 billion yen ($1.4 billion) worth of shares in its initial public offering in Japan after pricing at the top end of the range, a government filing said on Wednesday.

GLP J-REIT, which will be Japan’s largest public real estate trust operating warehouses, priced the shares at 60,500 yen each, at the top of the 59,500 yen and 60,500 yen range.

GLP is one of the world’s largest warehouse operators. GLP J-REIT has 30 properties in Japan valued at $2.6 billion.

The number of shares to be sold in Japan has been cut to 967,438 shares from 1.105 million, while the overseas portion has been inreased to 779,662. Up to 87,400 more shares may be sold, depending on demand.

GLP J-REIT will start trading on Dec. 21 and join its peers Japan Logistics Fund and Industrial & Infrastructure Fund Investment.

$1 = 82.3900 Japanese yen Reporting by Junko Fujita; Editing by Richard Pullin

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