SINGAPORE (EDGEPROP) - Real estate investment firm Hines announced on Feb 8 the acquisition and development of a logistics asset in Nagoya, Japan, for an undisclosed amount.

The firm says it is buying Yatomi Distribution Centre, marking its first logistics acquisition and development project in Japan. It is also Hines’ second investment in the country in the last four months, following the acquisition of R&D office building New Stage Yokohoma last November.

The Yatomi Distribution Centre consists of an existing single-story logistics centre totalling 25,000 sq m (269,098 sq ft) as well as a development site entitled to construct a four-storey logistics building totaling 225,000 sq m.

Hines says design and permits for the new development are underway and groundbreaking will occur in 2Q2022. Located near the Port of Nagoya, the buildings will target both dry and cold storage users, last-mile logistics providers and major regional distribution users.

The project marks Hines’ fifth logistics investment in the Asia Pacific region in the last year. Last month, it made its first acquisition in the Singapore market, partnering with German real estate investment manager DWS to acquire Bukit Batok Connection, an industrial asset in Jurong East, for $93.8 million.

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