Hines has jointly purchased an industrial site in Singapore鈥檚 north with Mitsubishi Estate and Mitsui in a leaseback deal with British-American Tobacco for S$53.2m (鈧�36.5m).
The transaction involving One MEA Holdings, Mitsubishi Estate鈥檚 investment company, and Mitsui subsidiary MBK Real Estate Asia (MREA), is Hines鈥檚 first joint investment with the Japanese investors in Singapore. It is Hines鈥檚 second industrial deal in Singapore.
Kian Fong Lim, country head for Singapore at Hines, said: 鈥淲ith the growing strength of our industrial portfolio in Singapore, together with the sector鈥檚 demand-and-supply dynamics, we鈥檙e optimistic and eager to capture more opportunities in the market.鈥�
鈥淪ingapore鈥檚 logistics and industrial sector continue to be robust,鈥� said Koji Segawa, managing director of Mitsubishi Estate Asia, Mitsubishi Estate鈥檚 subsidiary overseeing the Southeast Asia region. 鈥淲ith a strong track record and deep experience in Asia Pacific as asset managers, owners, and investors, we鈥檙e confident that our collaboration with Hines will bring about greater value to our tenant and the community.鈥�
Koji Nishikiori, director and CEO, at MREA, said the prime location of the property and the strong performance of Singapore鈥檚 industrial and logistics market made this acquisition highly attractive. 鈥淲e look forward to working with Hines to better serve our tenant and contribute positively to the industry,鈥� he said.
Since 2020, Hines has secured 16 industrial assets in Asia Pacific totalling around 460,000sqm across five markets in Australia, China, Japan, South Korea, and Singapore.
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