LaSalle Logiport REIT pays US$259m for Tokyo, Osaka logistics assets

LaSalle Logiport REIT (LLR) has agreed to buy three warehouses and two land leaseholds located across Tokyo and Osaka for a combined JPY 28.39bn (US$259.4m).

The Tokyo-listed company also announced it was divesting its LOGIPORT Hiratsuka Shinmachi warehouse for JPY 7.7bn.

The company said the newly-acquired assets comprised large-scale, high specification modern logistics facilities, as well as leasehold parcels of land with future redevelopment potential.

In the Greater Tokyo area, the J-REIT bought the 40,773 sq.m. LOGIPORT Kashiwa Shonan warehouse from BTS5 Real Estate Hanbai GK for JPY 9.3bn, reflecting a net operating income (NOI) yield of 5.1%.

The fully-let asset is located in the Shonan industrial complex, home to many large-scale logistics facilities, and is near National Route 16, where it can service the Greater Tokyo area.

The company bought the 23,565 sq.m. LOGIPORT Sayama Hidaka warehouse in the Greater Tokyo area from Kawagoe Nishi GK for JPY 6.43bn at an NOI yield of 4.6%.

The fully-occupied property is also near National Route 16, with good access to the Tokyo consumption area, Tama region and Central Saitama region.

In Osaka, the company purchased a 25% stake in the LOGIPORT Osaka Taisho property from OTL1 GK for JPY 7.14bn.

LLR also acquired leasehold land at the Higashi Ogishima site in the Greater Tokyo area and the Suminoe property in Osaka.

Listed on the Tokyo stock exchange in 2016, LaSalle Logiport REIT invests in prime logistics real estate across Tokyo and Osaka.

The J-REIT owns a portfolio comprising 11 properties worth JPY 189.1bn in total.

It is sponsored by US-headquartered LaSalle Investment Management, which has US$64.3bn of assets under management.

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