{"id":27339,"date":"2023-04-28T14:50:08","date_gmt":"2023-04-28T14:50:08","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/gic-to-buy-japan\/"},"modified":"2023-04-28T14:53:17","modified_gmt":"2023-04-28T14:53:17","slug":"gic-to-buy-japan","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/gic-to-buy-japan\/","title":{"rendered":"GIC to buy Japan logistics assets from Blackstone for $800 million"},"content":{"rendered":"<p>By Makiko Yamazaki and Ritsuko Shimizu<\/p>\n<p>TOKYO (Reuters) -Singapore sovereign wealth fund GIC said on Friday it would buy a portfolio of six logistics assets in Japan for more than $800 million from Blackstone Inc, reflecting strong appetite for logistics real estate.<\/p>\n<p>The transaction, comprising 4 million square feet of warehouses located across Japan, is the largest real estate deal in Japan this year in terms of value, according to data compiled by Refinitiv.<\/p>\n<p>&#8220;It is a good addition to our Japan portfolio as we continue to focus in tailwind sectors such as hospitality and logistics,&#8221; Goh Chin Kiong, deputy chief investment officer for GIC&#8217;s real estate business, said in a statement. <\/p>\n<p>GIC, an investor in Japan for over three decades, has recently notched up its deal activity as the country&#8217;s interest rates remain low. Last year, it bought hotel and leisure assets from Japanese railway and hotel conglomerate Seibu Holdings.<\/p>\n<p>While the real estate market globally has come under pressure due to soaring borrowing costs, the logistics segment remains relatively unscathed.<\/p>\n<p>    \u00a0\u00a0\u00a0 &#8220;Blackstone has reshuffled its (real estate) portfolio over the decade,&#8221; shifting its focus to logistics, data centres and hotels away from traditional assets like offices, said Daisuke Kitta, the head of Blackstone&#8217;s real estate business in Japan.  <\/p>\n<p>    \u00a0\u00a0\u00a0 &#8220;We&#8217;ve secured solid returns through the latest deal despite the real estate market downturn. It shows that it&#8217;s important to be selective about assets,&#8221; he told Reuters.  <\/p>\n<p>Blackstone is selling the logistics assets it bought about two years ago from Daiwa House Industry Co. Net operating income for the assets, a key gauge for profitability, has risen 35% under its management, Blackstone said.<\/p>\n<p>The U.S. firm said this month it had raised $30.4 billion for its latest global real estate fund as it looks to double down on the industry. It currently has $332 billion of investor capital under management.<\/p>\n<p> (Reporting by Makiko Yamazaki and Ritsuko Shimizu in Tokyo, Yantoultra Ngui in Singapore; Editing by Jacqueline Wong and Raju Gopalakrishnan)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/gic-to-buy-japan\/file-photo-signage-is-seen-outside-the-blackstone-group-headquarters\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3R089-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3R089-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Makiko Yamazaki and Ritsuko Shimizu TOKYO (Reuters) -Singapore sovereign wealth fund GIC said on Friday it would buy a portfolio of six logistics assets in Japan for more than $800 million from Blackstone Inc, reflecting strong appetite for logistics real estate. The transaction, comprising 4 million square feet of warehouses located across Japan, is [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":27340,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-27339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3R089-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=27339"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27339\/revisions"}],"predecessor-version":[{"id":27353,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27339\/revisions\/27353"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/27340"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=27339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=27339"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=27339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}