Blackstone Group Buys Four Japanese Logisitics Properties from Daiwa House Industry

Posted on 08/01/2020


The Blackstone Group bought four logistics facilities in Japan for 55 billion Japanese yen. The seller is Osaka-based Daiwa House Industry Co., Ltd.. Post-deal, the property management unit of Daiwa House Industry will still manage the properties. The facilities are located in the Kanto region, which includes Tokyo, as well as the central Chubu region.

The actual buyer of the properties is an affiliate company of the Blackstone Group and Tosei Asset Advisers, manager of Blackstone’s Japanese multifamily assets.

In 2019, Blackstone bought a logistics portfolio from Singapore’s Mapletree Investments for 100 billion Japanese yen.

Daiwa House Industry is Japan’s largest homebuilder, specializing in prefabricated houses. The company is also engaged in the construction of factories, shopping centers, health care facilities, the management and operation of resort hotels, golf courses and fitness clubs.

Deka

On another note, Deka Immobilien, through its open-ended real estate fund WestInvest ImmoValue, spent €165 million to buy a fully-leased office building in Paris from LaSalle Investment Management (LaSalle’s Encore+ fund). The acquired property is the Sainte Cécile building and is a 9,400 square meter property. The Encore+ fund acquired the asset in March 2020 as part of a sale-and-leaseback transaction with BNP Paribas.

Poland

LaSalle Investment Management, through its LaSalle E-REGI fund acquired a portfolio of two class A logistics parks in Warsaw, Poland. The sales price was US$ 35.4 million. The sellers were Panattoni Europe and Marvipol Development. The portfolio consists of City Logistics Warsaw Airport and City Logistics Warsaw II, which are located next to the Opacz junction of the S2 and S8 roads.

Meyer Bergman

Meyer Bergman bought two properties (Beiraweg 11 and 15) in a logistics park in the port of Amsterdam for its urban logistics platform Crossbay. The seller was Arc-en-Ciel. Both assets are fully occupied to a single tenant and collectively provide over 21,000 square meters of warehousing space. Meyer Bergman formed Crossbay in May 2020. Meyer Bergman acquired its first last-mile logistics facility in the Benelux region in November 2019.

Hampshire County Council Pension Fund

Hampshire County Council Pension Fund acquired Farringdon’s Superunion building in London for £29.6 million from the LF Canlife UK Property ACS fund, a fund managed by Canada Life Investments. The office property makes up 7.5% of Hampshire Pension Fund’s portfolio.

Quarry Wood Industrial Estate

PATRIZIA bought a multi-leased industrial estate near Maidstone, United Kingdom, on behalf of a new mandate with operating partner Caisson Investment Management. The price for the property was €41 million. The Quarry Wood Industrial Estate is a freehold multi-let industrial estate comprising 42,000 square metersof lettable space across 27 units let to 18 tenants. The six-hectare site is located in Aylesford, a major commercial center in North Kent between Junction 4 and 5 of the M20, providing excellent transport links to the M25, Central London, the Channel Tunnel and Kent’s ports.

DHL

ASX-listed Cromwell Property Group partnered with South Korean real estate investor IGIS Asset Management to buy Italian logistics assets from express giant DHL for €52.5 million. The DHL portfolio comprises seven properties in northern Italy. Cromwell Property Group will use this investment to form the seed portfolio for a new investment vehicle, Cromwell European Logistics Fund, to be launched in the fourth quarter of 2020. The properties in the portfolio are located near the cities of Milan, Turin, Bologna and Verona, will be fully leased back to DHL on long-term contracts averaging 16 years.

IGIS said its investment in the Italian portfolio is part of its strategy to diversify its exposure across Europe.

Miami

Swire Properties sold a pair of office buildings at Brickell City Centre in downtown Miami to Northwood Investors for US$ 163 million. The office building at 78 SW Seventh St. sold for approximately US$ 80.3 million; the building at 98 SW Seventh St. sold for US$ 82.7 million.

Keywords: Jones Lang LaSalle.