M&G Real Estate has invested in a Japanese logistics development.
The real estate fund management arm of M&G Investments bought a site in Kanagawa for development of a $113.2m (JPY11.8bn), four-storey logistics hub.
M&G Real Estate invested in the site for its core Asia real estate investment strategy.
Chiang Ling Ng, chief executive and CIO at M&G Real Estate Asia, said: “Japan has always been a key market for M&G.
“The logistics space in Japan offers attractive yield opportunities, in light of increasing consumer traffic, space scarcity and a limited supply of such assets.”
The deal is the manager’s sixth logistics deal in the Asia Pacific region.
“We will continue to capitalise on the investment and acquisition opportunities in the core real estate markets across Asia Pacific,” Ling Ng said.
“Additional exposure to Japan is in line with our current allocation requirements.
“These assets allow us to strengthen our portfolio performance and diversify risk notwithstanding continued investment appetite from domestic and foreign capital.”