CBRE Investment Management has bought a logistics development site in Japan’s capital on behalf of its sixth value-add Asia real estate investment fund.
The manager has invested an undisclosed sum to buy the 69,045sqm parcel of land in Tokyo on behalf of the CBRE Asia Value Partners VI (AVP VI) fund.
CBRE Investment Management said the site is intended to be developed into a facility known as the Katsushika Logistics Center.
In October last year, CBRE Investment Management raised $1.74bn (€1.63bn) for the CBRE AVP VI fund to pursue build- and reposition-to-core opportunities.
At the time, the manager said logistics investments will be the central focus of the fund’s strategy, with at least 80% of equity commitments to be deployed towards the sector.
Adrian Baker, CIO for APAC direct real estate strategies at CBRE Investment Management, said the latest acquisition broadens the firm’s reach across the logistics market in Japan.
Baker said the location of the site offers a “prime opportunity to develop a Class A logistics facility that will appeal to a variety of e-commerce operators who need storage and distribution solutions close to the Tokyo population centre”.
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