Real asset investment manager CBRE Global Investors has completed the sale of a logistics portfolio in Japan comprising 169 properties for 140.4 billion yen ($1.3 billion), according to an announcement.
The portfolio, collectively named Mitsubishi Fuso Portfolio, comprises 169 light industrial properties across Japan that are fully leased to Mitsubishi Fuso Truck and Bus Corporation, one of the country’s largest heavy vehicle suppliers.
The portfolio was acquired in July 2016 for 105.1 billion yen ($981 million) on behalf of an investor consortium, which included CBRE Asia Value Partners IV, in what was considered the largest real estate transaction in Japan that year.
Since then, the firm has become an active player in the Japan logistics and industrial sector, investing over 215 billion yen ($2 billion) in acquiring and developing over 1.2 million square meters of logistics space.
The Mitsubishi Fuso Portfolio has a combined gross floor area of 520,000 square meters and was highly sought after by a diverse group of investors, according to the firm’s Japan head Tetsuya Fujita.
The sale comes after CBRE Global Investors marked the final close of its latest fund – CBRE Asia Value Partners V – at its hard cap of $900 million, lower than the $1 billion that its predecessor fund had raised in 2017. The fund, which made its initial close in July, is part of the firm’s flagship pan Asia value-add investment program launched in 2009.
The final close of Fund V brings CBRE Global Investors’s total assets under management to $11.9 billion in the Asia Pacific across core value-add and opportunistic private real estate, listed real assets, and infrastructure, through funds and separate accounts. It has been actively investing in the Asia Pacific region since 1995.
“CBRE Global Investors continues to be focused on Japan logistics and are actively deploying capital to opportunities where we can create defensive, core assets through various value-add and development initiatives,” said Adrian Baker, CEO for CBRE Global Investors in the Asia Pacific.