Hines has jointly purchased an industrial site in Singapore’s north with Mitsubishi Estate and Mitsui in a leaseback deal with British-American Tobacco for S$53.2m (€36.5m).
The transaction involving One MEA Holdings, Mitsubishi Estate’s investment company, and Mitsui subsidiary MBK Real Estate Asia (MREA), is Hines’s first joint investment with the Japanese investors in Singapore. It is Hines’s second industrial deal in Singapore.
Kian Fong Lim, country head for Singapore at Hines, said: “With the growing strength of our industrial portfolio in Singapore, together with the sector’s demand-and-supply dynamics, we’re optimistic and eager to capture more opportunities in the market.”
“Singapore’s logistics and industrial sector continue to be robust,” said Koji Segawa, managing director of Mitsubishi Estate Asia, Mitsubishi Estate’s subsidiary overseeing the Southeast Asia region. “With a strong track record and deep experience in Asia Pacific as asset managers, owners, and investors, we’re confident that our collaboration with Hines will bring about greater value to our tenant and the community.”
Koji Nishikiori, director and CEO, at MREA, said the prime location of the property and the strong performance of Singapore’s industrial and logistics market made this acquisition highly attractive. “We look forward to working with Hines to better serve our tenant and contribute positively to the industry,” he said.
Since 2020, Hines has secured 16 industrial assets in Asia Pacific totalling around 460,000sqm across five markets in Australia, China, Japan, South Korea, and Singapore.
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