GLP J-REIT is buying three logistics warehouses for a combined ¥40.7bn, and it is paying for the whole deal with new bank debt rather than issuing units. The properties, Marq Joso 2 in Ibaraki Prefecture, ALFALINK Ibaraki 2 in Ibaraki City, Osaka Prefecture, and Marq Hiroshima 2, are set to close on August 3, 2026, at a price the trust says is around 8% below their combined appraisal value of ¥44.1bn.
| Property | Location | Purchase Price | Appraisal Value | NOI Yield |
|---|---|---|---|---|
| Marq Joso 2 | Joso, Ibaraki Prefecture | ¥12.0bn | ¥12.6bn | 4.0% |
| ALFALINK Ibaraki 2 | Ibaraki City, Osaka Prefecture | ¥15.6bn | ¥17.7bn | 4.2% |
| Marq Hiroshima 2 | Hiroshima City | ¥13.1bn | ¥13.8bn | 4.4% |
To fund the purchase, GLP J-REIT arranged ¥41bn in unsecured, unguaranteed loans from Sumitomo Mitsui Banking Corporation, MUFG Bank and Mizuho Bank, priced at one-month yen TIBOR plus 0.170% and maturing July 30, 2027. The loans push the trust's short-term borrowings from ¥49.3bn to ¥90.3bn and its total interest-bearing debt from ¥396.6bn to ¥437.6bn, lifting its appraisal-based loan-to-value ratio from 34.9% to 37.1%, still under the 60% level above which GLP J-REIT says it would stop paying its supplementary distribution.
The deal lets the trust raise its forecast. GLP J-REIT lifted its distribution per unit for the year to February 2027 by 3.0% to ¥3,418, and it now expects normalized DPU, the growth measure that strips out gains from property sales, to rise 5.7% between the year to February 2026 and the year to February 2027. That is well above the annualized 4%-plus growth rate management targeted through the year to August 2028.
All three new properties are fully leased and carry CPI-linked rent clauses covering their entire contract terms, the mechanism GLP J-REIT is relying on to raise rents inside existing leases rather than waiting for renewal dates. The trust's sponsor group has been controlled by Ares Management Corporation since March 2025, and existing GLP-branded buildings are being renamed under a new global "Marq" label through 2026.
GLP J-REIT states plainly that actual revenue, profit and distributions can differ from its forecasts depending on future acquisitions, disposals and market conditions, and the company does not guarantee any specific payout level.