The group will set up its first real estate investment trust with 30 properties valued at $2.6 billion. The Singapore firm expects to raise net cash proceeds of $1.3 billion that it will use mainly for projects in China and Japan.
Reuters reported GLP's intentions to spin off properties via a REIT - an investment vehicle that owns real estate assets and pays regular dividends to investors - in September last year.
"The transaction will drive long term shareholder value as it monetises a considerable proportion of our portfolio and will generate stable recurring income for the group, diversifying our earnings base," Deputy Chairman Jeffrey Schwartz said in a statement.
As a sole sponsor, GLP can place more properties into the REIT, and earn asset and property management fees, as well as fees arising from the subsequent acquisition and sale of properties.
"This REIT in Japan should be positive for them as they can unlock the value from their assets," said Andrew Chow, head of research at UOB Kay Hian in Singapore.
GLP has 68 wholly-owned logistics facilities in Japan as well as 15 other assets owned by a joint venture. It also owns or manages properties in around 30 Chinese cities.
Schwartz told Reuters in an interview last month the firm was keen to grow at a rapid pace in China to support the boom in online commerce.
GLP, which is nearly 51 percent owned by sovereign wealth fund Government of Singapore Investment Corp., competes with companies such as Australia's Goodman Group Property Ltd and U.S. firm Prologis Inc. (Reuters)
