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SINGAPORE: Singapore sovereign wealth fund, GIC, has agreed to buy a portfolio of six logistics property in Japan for greater than $800 million from Blackstone Inc, in keeping with a press release by the American non-public fairness firm.
The deal consists of 4 million sq. toes of warehouses positioned in strategic areas throughout Japan and is the biggest actual property transaction within the nation this 12 months, by way of worth, in keeping with knowledge compiled by Refinitiv.
GIC has been investing in Japan for over three a long time and has lately elevated its deal exercise as rates of interest within the nation stay low. Final 12 months, the sovereign wealth fund bought lodge and leisure property from Seibu Holdings, a Japanese railway and lodge conglomerate.
Logistics actual property has develop into a well-liked funding goal as a result of speedy development of e-commerce and the rise of on-line buying, which has elevated the demand for environment friendly and trendy warehousing and distribution services. The COVID-19 pandemic has additional accelerated this pattern, as extra individuals are buying on-line than ever earlier than.
Japan stays a pretty marketplace for logistics actual property buyers, given its extremely developed infrastructure and strategic location within the Asia-Pacific area. GIC’s newest acquisition underscores the continued curiosity of world buyers within the nation’s actual property market. /TISG
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