European investor buys Japanese logistics property
M&G Real Estate, the real estate fund management arm of M&G Investments, has acquired a site in Kanagawa, Japan, which will see the development of a four-story logistics hub at a cost of $113.2 million.
The acquisition was made on behalf of M&G Real Estate’s core Asia real estate investment strategy, and it the is the fund’s sixth logistics acquisition in Asia Pacific.
“The logistics space in Japan offers attractive yield opportunities, in light of increasing consumer traffic, space scarcity and a limited supply of such assets,” said Chiang Ling Ng, CEO and CIO of M&G Real Estate Asia, in a statement.
The asset is located in Atsugi City, which is expected to have continued strong demand for modern logistics accommodation in the Tokyo metropolitan area. The area in which the site is located will continue to be an important logistics location serving the Tokyo consumer market and acts as a key connector between Na