Blackstone has acquired four logistics facilities in Japan from Daiwa House Industry for 楼55bn (鈧�440m).
The four facilities are located in the Kanto region, which includes Tokyo, as well as the central Chubu region.
Under the sale agreement, Daiwa House鈥檚 property management arm will continue to manage the assets after the sale.
Keiichi Yoshii, president of Daiwa House Industry, said his group had entered into an agreement for the sale of the properties to a special purpose entity managed and operated by an affiliate company of the Blackstone Group and Tosei Asset Advisers, manager of Blackstone鈥檚 Japanese multifamily assets.
The sale was part of his company鈥檚 strategy to recycle capital into further expanding the group鈥檚 domestic logistics development business and to grow the DPL brand that Daiwa had built up in Japan, he said.
鈥淚n addition, we have entered into an agreement with Blackstone Singapore that covers co-operation on the promotion of our development of and investment in logistics facilities in the United States and Europe,鈥� Yoshii said.
鈥淎long with this sale, we aim to expand our presence in the United States and Europe by establishing a platform for regular exchange of information regarding market trends and both companies鈥� experience, networks, resources and the like.鈥�
The Daiwa transaction follows Blackstone鈥檚 purchase a year ago of a logistics portfolio from Singapore鈥檚 for 楼100bn.
In his most recent earnings statement, Blackstone鈥檚 chief financial officer, Michael Chae, said logistics was the firm鈥檚 largest exposure overall and comprised over one-third of the real estate portfolio.
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