Macquarie Asset Management and its Japanese partner, Unified Industrial, have sold the first phase of the UI Konan logistics project in Kansai to a consortium of Japanese investors.
The UI Konan logistics development in Shiga Prefecture, Greater Kansai has a total developable gross floor area of more than 250,000sqm and is being delivered in two phases.
The combined value of the total project will be US$500m (€451.5m) on completion.
Macquarie Real Estate Partners Asia I funded the project in partnership with Unified Industrial. Unified will continue to act as the asset manager for the Japan consortium.
The transaction is the first divestment of a greenfield development since Unified Industrial formed the partnership with Macquarie Real Estate Partners Asia I, part of Macquarie Asset Management’s flagship opportunistic fund series in 2021.
James Kemp, head of real estate, Asia Pacific, Macquarie Asset Management, said: ”This transaction demonstrates our strong conviction in Japan logistics, disciplined investment approach and Unified Industrial’s active investment management capabilities.”
Joshua Olsan, CEO and founder of Unified Industrial, said: ”This transaction is a testament to our ability to identify, acquire and develop high-quality, prime logistics real estate for our investors.”
Olsan added: “The team has been focused on sourcing off-market opportunities and we have identified a robust portfolio of pipeline projects across key markets.
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