GIC buys six Japan logistics assets from Blackstone for more than US$800m

GIC will pay over US$800 million for six logistics facilities in Japan from global asset manager Blackstone, both parties said on Friday (Apr 28).

The move will expand the Singapore state investor’s exposure to logistics assets and provide stable and diversified income streams with attractive growth potential, said GIC chief investment officer Goh Chin Kiong.

The six modern warehouses, developed by Japanese developer Daiwa House Industry, span four million square feet and have an average age of five years.

They are located in regional logistics hubs in Japan with access to major roads and expressways.

“The assets would provide strong and resilient cash flow from their high weighted average occupancy of 99 per cent,” GIC said.

Blackstone noted that the deal is one of the largest logistics portfolio transactions ever reported in Japan.

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Ken Sugimoto, GIC’s representative director and head of office in Japan, said that GIC has invested in Japanese real estate for over 30 years. This is its first acquisition of logistics facilities developed and managed by Daiwa House Industry.

Last year, GIC bought a portfolio of hospitality assets from Japanese railway and hotel conglomerate Seibu for 150 billion yen (S$1.5 billion).