GIC acquires another logistics facility in Japan

GIC has bought another logistics facility developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount.

The four-floor facility in Yokohama provides access to the Greater Tokyo region.

Completed in 2022 and fully occupied, it spans an area of more than 126,000 sq m, making it one of Daiwa House’s largest assets to date.

The facility is fitted with a seismic-base isolation system, which provides additional earthquake resistance. Other features include an open deck, a convenience store and a cafe.

GIC also noted that the facility was designed with elements for social community engagement.

This transaction follows the Singapore sovereign wealth fund’s acquisition of several other logistics assets developed by Daiwa House across Japan. 

“GIC expects demand for modern logistics spaces to continue to grow, driven by e-commerce and supply-chain optimisation trends,” it said on Aug 30.

It added that it remains strongly committed to the real estate sector in Japan, where it has been operating for more than 30 years.

In its portfolio, GIC has six warehouses across the country, purchased for more than US$800 million (S$1 billion) from Blackstone in April 2023.

It also bought a warehouse in Yatomi city in Greater Nagoya in July 2023.

Its most recent transactions in the country took place in December, with the acquisition of two logistics facilities in Takatsuki city in Greater Osaka and Tosu city in Greater Fukuoka.

GIC noted that it will continue to seek investment opportunities across sectors, in both public and private markets.

THE BUSINESS TIMES