GLP J-REIT (TYO:3281) has agreed to sell GLP Tokai, a domestic real estate trust beneficiary asset, to an undisclosed buyer for a total of 10.4 billion yen, according to a Wednesday filing with the Tokyo Stock Exchange.
The sale, executed on Wednesday, will be settled by full payment at the time of delivery, scheduled for Aug. 31, with proceeds earmarked for distribution to unitholders and cash on hand for future acquisitions.
The sale is expected to generate a total gain of 4.8 billion yen.
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