GLP J-REIT to Sell Logistics Facility in Tokai City for JPY 10.4 Billion
GLP J-REIT announced on August 26, 2026, that it will sell GLP Tokai, a logistics facility in Asayama 2-chome, Tokai City, Aichi Prefecture, on August 31 of the same month. The planned sale price is JPY 10.4 billion, and the buyer is undisclosed. The REIT acquired the property for JPY 6.21 billion in 2013 and expects a gain on sale of JPY 4.369 billion.
The facility is located approximately 1.4 km from the "Tokai IC" interchange on the Isewangan Expressway. Completed in 2004, it is a five-story building above ground with a gross floor area of approximately 9,112 tsubo (approx. 324,200 sq. ft.). Askul Corporation leases the entire building, and occupancy stood at 100% as of August 26, 2026. The appraisal NOI yield is 6.6%.
The REIT has held the property for approximately 13 years and eight months. During the holding period, NOI remained stable at roughly JPY 170 million to JPY 190 million. Meanwhile, the appraisal cap rate declined in stages from 5.5% in the fiscal period ended February 2013 to 3.8% in the fiscal period ended February 2026.
Through the fiscal period ending August 2028, the REIT aims to achieve annual growth of more than 4.0% in cruising DPU excluding gains on sales, while also pursuing further DPU improvement through property sales. In March 2026, it acquired Marq Minamiashigara for JPY 2 billion, and in August it acquired three properties—Marq Joso 2, ALFALINK Ibaraki 2 and Marq Hiroshima 2—for a combined JPY 40.722 billion. On the other hand, it plans to sell GLP Tomisato for JPY 7.2 billion in February 2027. The REIT's unrealized gains totaled JPY 321.1 billion as of the end of the fiscal period ended February 2026, and this sale is likewise part of its efforts to monetize those unrealized gains.
- GLP J-REIT Acquires Logistics Facility in Minamiashigara, Kanagawa Prefecture
- GLP J-REIT to Acquire Three Logistics Facilities for JPY 40.7 Billion
- GLP J-REIT to Sell Logistics Facility in Tomisato, Chiba Prefecture
Key Facts
- Property Name: GLP Tokai
- Seller: GLP J-REIT
- Buyer: Undisclosed
- Asset Transferred: Domestic real estate trust beneficiary interest
- Acquisition Date: January 4, 2013
- Acquisition Price: JPY 6.21 billion
- Planned Sale Price: JPY 10.4 billion
- Book Value: JPY 5.754 billion
- Gain on Sale (estimated): JPY 4.369 billion
- Appraisal Value: JPY 10.4 billion (as of February 28, 2026, JLL Morii Valuation & Advisory K.K.)
- Appraisal NOI Yield: approximately 6.6%
- Contract Date: August 26, 2026
- Scheduled Sale Date: August 31, 2026
- Location: 47 Asayama 2-chome, Tokai-shi, Aichi (lot number)
- Nearest Interchange: Isewangan Expressway “Tokai” IC (approx. 1.4 km)
- Completion: July 2004
- Number of Floors: 5F (steel-frame construction)
- Site Area: approximately 5,744 tsubo (approx. 204,400 sq. ft.) / Gross Floor Area: approximately 9,112 tsubo (approx. 324,200 sq. ft.)
- Total Number of Tenants: 1
- Tenant: Askul Corporation
- Occupancy: 100.0% (as of August 26, 2026)
- Trustee: Mitsubishi UFJ Trust and Banking Corporation
