U.S. private equity firm Blackstone Inc (BX.N) said that Singapore’s sovereign wealth fund GIC has agreed to purchase a portfolio of six Japanese logistics properties for more than $800 million, demonstrating strong demand for logistics real estate.
Including 4,000,000 square feet of warehouse space across Japan, the acquisition is the largest real estate sale in Japan so far this year, according to statistics provided by Refinitiv.
Despite low-interest rates in Japan, GIC, an investor there for over three decades, has recently increased its deal activity. It acquired Seibu Holdings (9024.T), a Japanese railway and hotel company, and its hotel and leisure operations last year.
