Goodman Group has bought a site to develop a 176,000sqm, five-storey logistics and distribution facility with an end-value of around US$400m (€341.4m) in Joso City, Ibaraki Prefecture, outside Tokyo.

“We are going to ramp up our investment in Japan because of the opportunities there,” said Paul McGarry, Goodman Group’s head of Asia-Pacific.

McGarry told IPE Real Assets the group was currently in advanced negotiations with various parties to assemble large brownfield sites for new projects.

The group’s Japan team has been seeking off-market opportunities and the sites under negotiation could involve investments running into “a couple of billion dollars”, he said.

Aside from strong demand, Tokyo faced “the natural limiting factor of supply of land”, he said. Vacancy in the logistics sector was “close to zero”.

Angus Brooks, CEO of Goodman Japan, said the group’s strategy in Japan was to acquire sites in prime locations and to develop high-quality logistics and distribution facilities for Goodman customers and capital partners.

Construction would soon start on the Joso City site, and with discussions currently under way with potential tenants over 75% of the space, the building was expected to be fully leased before it was completed.

Japan is one of Goodman Group’s first offshore markets and its key project there is the Goodman Business Park in Chiba, Greater Tokyo, which has a total value of US$3bn.

“We are in the final stage of building out the site and we expect to have it fully developed in around three years,” McGarry said.

“The Japanese economy has been affected by COVID. Certainly, what COVID has done in Japan – like around the world – is to accelerate adoption of online retail.”

Goodman Group’s Asia platform, including Japan, Hong Kong and China, is now valued at A$20bn, about one third of the group’s total assets under management of A$58bn.

Macquarie Asset Management has acquired a state-of-the-art logistics facility in Norway for NOK690m (€67m) on behalf of its European logistics real estate strategy.

Heiaveien 8 is a 31,000sqm prime warehouse and distribution centre strategically located approximately 25 minutes away from Oslo in the Heia Business Park.

Opened in June, the newly developed four-storey facility is equipped with the most advanced autonomous fulfilment technology system of its kind in Norway and is fully leased for the next 15 years to Bohus, the country’s largest furniture retailer.

Dana Gibson, co-head of Macquarie Asset Management’s real estate team in Europe, said: “Europe’s supply chains are constantly evolving and have been further accelerated by the COVID-19 pandemic which is expected to have long-lasting effects on e-commerce.

“This changing landscape supports our strong conviction for the region’s logistics real estate sector, with modern and strategically located facilities such as Heiaveien 8 needed to help leading retailers like Bohus meet the varying needs of their customers.”

Savills Investment Management has acquired a newly built distribution centre and another under construction in Horsens, Denmark, for its European Logistics Fund 3.

The vendor and tenant in the sale-and-lease-back transaction is logistics service provider DKI Logistics.

The acquisition, for about €47m, means the fund now owns nine properties in five countries.

The first distribution centre was completed in June 2021 and has 20,800 sqm of rental space. The second building, also with 20,800 sqm of leasable space, is under

The new logistics buildings, which have both have 20,800sqm of rental space, are located in the Central Jutland region, north of the city of Horsens.

Daniel Hohenthanner, director of investment at Savills IM, said: “These state-of-the-art new logistics buildings meet the highest quality standards, have a ceiling height of over 13 metres and are centrally located at an important logistics hub between Scandinavia and other European countries.

“Thanks to the flexible usability, they also have a high potential for third-party use. The purchase marks ELF 3’s first investment in Denmark, thereby further diversifying the portfolio. We are delighted to have secured these high-quality distribution centres for our investors in a highly competitive environment.”

Peter Broström, head of Nordics at Savills IM, said: “This acquisition reinforces Savills IM’s position as one of the leading logistics managers in the Nordics.

“Horsens is a welcome addition to our growing portfolio. It includes modern and efficient warehouses in one of the best locations in Denmark, while as a fast-growing distribution company, DKI Logistics is a strong tenant with whom we look forward to working closely to improve the facilities even further.”