SINGAPORE (EDGEPROP) - Mapletree Investments has acquired its first Japanese logistics real estate in the Kyushu regional market.
The group has purchased a 1.25 million sq ft industrial site in Chikushino, Fukuoka. It plans to build two blocks of multi-storey logistics facilities that will have a combined gross floor area of 2.5 million sq ft. Mapletree says that the total investment for this property will be over $550 million, and the development will house the largest logistics warehouse space in Kyushu when completed.
“Fukuoka, the gateway to Kyushu, is one of the regions in Japan where the group has a high conviction for modern logistics facilities,” says Wong Mun Hong, regional CEO for Australia & North Asia at Mapletree Investments.
Read more: Mapletree Industrial Trust acquires remaining 60% interest in 14 data centres in US
He adds: “Apart from diversifying our logistics portfolio, this prime land acquisition will enable the group to build a presence in Kyushu, provide quality logistics space to our business partners and deepen our network connectivity in seven out of eight regions in Japan.”
As of March 31 this year, Mapletree owns and manages a $60.5 billion portfolio comprising office, retail, logistics, industrial, data centre, residential, and lodging properties. The group also manages four Singapore-listed REITs and five private equity real estate funds.