Government investment firm GIC said in a statement late Tuesday it will pay cash to acquire the property operations of US-based ProLogis in the two Asian countries. The transaction is due to be completed next month, it said.

"The acquisition consolidates control over our existing portfolio in Japan and provides a platform to expand our logistics property business in China," said Seek Ngee Huat, president of the firm's property arm, GIC Real Estate.

"These investments are in markets that we believe have good long-term fundamentals."

The Government of Singapore Investment Corporation (GIC) is one of two investment vehicles of the Singapore government and manages the country's foreign reserves of more than 100 billion dollars through various investments.

Its property arm, which currently ranks among the world's top 10 real estate investment firms, has made over 200 investments in more than 30 countries.

ProLogis, headquartered in Denver, is the world's largest owner, manager and developer of distribution facilities with 40 billion dollars' worth of real estate under its management, according to the company website.

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