Hong Kong-based alternative asset manager PAG has bought Yatomi Distribution Centre, a newly completed logistics complex in central Japan, from Hines.
The price was not disclosed but there are reports that PAG paid between US$429m and US$435m (€400m and €405m) for the asset.
IPE Real Assets understands the acquisition was made on behalf of a PAG fund and the Japan Logistics Venture, a joint venture between PAG and Ivanhoé Cambridge, formed in 2021, which aims to deploy US$400m in Japanese logistics assets.
Hines acquired the 25-acre logistics site in Yatomi, Nagoya in 2021 to develop a 25,000sqm facility near the Port of Nagoya – Japan’s busiest port. It was the firm’s first ground-up logistics development project in Japan.
Jon Tanaka, country head of Hines in Japan, said: “This transaction [with PAG] represents Hines’ ability to execute large-scale developments and deliver liquidity for our clients in a turbulent global market.”
“Japan’s logistics market continues to be an attractive investment target for Hines’ expansion in Asia Pacific,” he said.
Hines opened an office in Japan in 2017 and expanded its operations in 2020 to include development and acquisitions. The warehouse project was the developer’s second deal in the country.
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