Blackstone has sold a portfolio of six logistics assets located across Japan to GIC for more than US$800 million.
The transaction, comprising 4 million square feet of warehouses, is one of the largest logistics portfolio transactions ever reported in Japan.
Daisuke Kitta, Head of Real Estate Japan, said: “This transaction is a reflection of how we continue to deliver for our investors in any environment by focusing on the right sectors. Logistics is one of Blackstone’s highest conviction investment themes, making up more than 40% of our global Real Estate portfolio. We were one of the earlier investors and have since built world-class platforms, driven by our confidence in the sector’s continued growth. Japan remains a key market for Blackstone – today, we have a dedicated team on the ground, focused on building our portfolio and bringing innovative opportunities to a wider group of investors.”
Taro Squires, a Managing Director in Real Estate Japan, said: “We are proud of the work we have done for our investors and tenants, bringing in our global operational expertise and asset management capabilities to position these properties for long-term success.”
Blackstone is one of the world’s largest investors in logistics. Its marquee transactions include the sale of the Milestone Australian logistics portfolio in the largest private real estate transaction in the country at the time and the recapitalization of the Mileway European logistics portfolio in the largest private real estate transaction ever globally, at the time of announcement. In Asia, it has built significant portfolios in India, Greater China, and Australia.
Goh Chin Kiong, Deputy Chief Investment Officer, Real Estate, GIC, said: “This acquisition represents an attractive opportunity for GIC to further expand our exposure to logistics assets. This portfolio provides stable and diversified income streams with attractive growth potential, which is well-aligned with GIC’s long-term investment horizon and approach. It is a good addition to our Japan portfolio as we continue to focus in tailwind sectors such as hospitality and logistics.”
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