GLP

GLP: its peer, Prologis, the world's largest public owner of warehouses, said it may form a REIT to be traded on the Japanese stock exchange amid growing demand for commercial property investments by Japanese investors. The industrial REIT, based in San Francisco, had been considering an open-end fund structure for its Japan investments, but said the strong investment flows into the Japanese REIT market made it take a closer look at the REIT structure. Prologis noted that the ratio of share price to NAV of Japanese REITs have been catching up to U.S. peers. Japan accounts for 75% of Prologis's Asia exposure as measured by square footage. Since end of 2011, GLP has been planning to launch its own REIT to be listed in Japan, that is expected to raise ~US$1b. This may be a catalyst for the stock, given the recent interest in Japanese REITs. Kenedix Inc, a Japanese residential REIT, debuted last wk, raising ¥40b.