Japanese real estate investment trust SIA REIT is planning to raise $393 million in an initial share sale this year. It will issue 78,435 shares and then use the proceeds to acquire assets and pay down debt.
GLP J-REIT is planning a $231 million share sale on the Tokyo stock exchange. The Japanese REIT will use the proceeds to buy nine properties and repay debt. Separately, GLP J-REIT will buy seven properties from Global Logistic Properties' GLP Japan Income Partners I, paying a combined $352 million.
Even as bond yields in Japan rise, J-REITs are still competitive, says Jeffrey Schwartz, co-founder and chairman at Global Logistic Properties. Global Logistic Properties' dividend yields are still higher, and in general J-REITs still appeal to investors.
Japan's biggest REIT, Nippon Building Fund, reports a rise in office building valuations. The REIT has been acquiring office buildings at a fast clip, investing $1.6 billion so far this year, which is triple the amount it had planned.
Japanese developer Hulic Co. wants to speed up the listing of a $1.04 billion REIT as the economy improves. It said it will list the REIT by the middle of 2014. The REIT will include office and commercial buildings in Tokyo as well as nursing homes.
Global Logistic Properties' REIT, GLP J-REIT, plans to sell $1.4 billion worth of shares in its initial public offering in Japan. It will use the proceeds for projects in China and Japan. GLP J-REIT will be the largest logistic-focused REIT in Japan.