Blackstone has sold six logistics assets located across Japan to Singapore’s GIC for more than US$800m (€726m).
Goh Chin Kiong, deputy CIO of real estate at GIC, said the acquisition of the 4m sqft portfolio represents an attractive opportunity for GIC to further expand its exposure to logistics assets.
He added: “This portfolio provides stable and diversified income streams with attractive growth potential, which is well-aligned with GIC’s long-term investment horizon and approach. It is a good addition to our Japan portfolio as we continue to focus in tailwind sectors such as hospitality and logistics.”
Daisuke Kitta, Blackstone’s head of real estate in Japan, said: “This transaction is a reflection of how we continue to deliver for our investors in any environment by focusing on the right sectors.
“Logistics is one of Blackstone’s highest conviction investment themes, making up more than 40% of our global real estate portfolio.”
Taro Squires, a Blackstone real estate managing director in Japan, said: “We are proud of the work we have done for our investors and tenants, bringing in our global operational expertise and asset management capabilities to position these properties for long-term success.”
Blackstone first entered the Japanese market 16 years ago, and now owns a diversified portfolio across hotels, offices, data centres, residential, retail, and mixed-use assets.
Last year, it had its record year in Japanese real estate deals, with investments and sales valued at more than US$2bn.
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