GIC to pay Blackstone $800m for 6 modern warehouses in Japan

GIC has announced it will pay more than $800 million to acquire a portfolio of six modern warehouses in Japan from Blackstone.

The facilities, spanning 4 million square feet across Japan, are regional logistics hubs with convenient transportation access via major roads and expressways. This is the largest real estate deal in Japan this year in terms of value, according to Reuters, citing data compiled by Refinitiv.

“Growth in the Japan logistics sector has been driven by robust performance in ecommerce and third-party logistics businesses,” said Ken Sugimoto, representative director and head of office, Japan, at GIC. “GIC has invested in Japanese real estate for more than 30 years and has a strong local partner network.”

The buildings were developed by Daiwa House Industry, a top Japanese real estate developer engaged in various asset classes, including logistics, residential, office and retail.