J-REIT IIF acquires five assets in Japan for US$225m

Tokyo-listed Industrial & Infrastructure Fund (IIF) has agreed to acquire five commercial properties located across Japan worth a combined JPY 24.65bn (US$224.9m).

IIF, a J-REIT managed by Mitsubishi Corp-UBS Realty, will acquire the parcel of logistics, manufacturing, research and development facilities from different sellers, the company said.

The firm acquired the IIF Shin-Kawasaki R&D Centre in Kawasaki-shi, a city in the Greater Tokyo area, from Mitsubishi Logisnext for JPY 6.3bn, reflecting a net operating income (NOI) yield of 7.4%.

IIF Shin-Kawasaki R&D Centre (image: Industrial & Infrastructure Fund)

Located close to Haneda Airport, the 11,801 sq.m. property is situated in a special zone for industry-academia collaboration and R&D facilities.

The company bought the 31,071 sq.m. IIF Akishima Logistics Centre in Akishima-shi, a city in the western part of the Tokyo Metropolis, from a private seller for JPY 8.02bn, representing a 4.3% NOI yield.

The IIF Ichikawa Food Processing Centre in Ichikawa, another city in the Greater Tokyo area, was purchased from Mitsubishi Corporation Urban Development for JPY 6.2bn, marking a NOI yield of 4.5%.

The company will also acquire the IIF Hyogo Tatsuno Logistics Centre in Tatsuno-shi, a city in the Hyogo prefecture from Hitachi Transport System, as well as the IIF Gifu Kakamigahara Manufacturing Centre in the city of Kakamigahara from an unnamed seller.

IIF Akishima Logistics Centre (image: Industrial & Infrastructure Fund)

The Tatsuno-shi and Kakamigahara assets were purchased for JPY 3.9bn and JPY 225m, respectively.

Listed on the Tokyo stock exchange in 2007, IIF invests in infrastructure and industrial properties across Japan and has 67 assets under management.

Mitsubishi Corp-UBS Realty is a joint venture between Japan’s Mitsubishi Corp and Swiss financial institution UBS.

The firm manages also manages the Japan Retail Investment Fund (JRF) and the MCUBS MidCity REIT.

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