Blackstone in New York
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Blackstone’s logistics business in Japan is one of the portfolios GIC is targeting, showing the growth of logistics real estate.
According to data compiled by Refinitiv, the transaction between the Singapore Government Investment Fund (GIC) and Blackstone, an American investment enterprise, includes more than 371,000 m2 of warehouses throughout Japan.
This is also one of the largest real estate transactions in this year’s cherry blossom country.
“This merger helps complete the fund’s Japanese investment portfolio. We will continue to focus on the hotel and logistics sectors in the future,” said Goh Chin Kiong, deputy investment director. GIC’s real estate business said.
Recently, GIC has strengthened the signing of agreements with many businesses, when Singapore’s interest rates are still low.
Last year, the fund conducted transactions in a number of hotel and entertainment portfolios and projects with Seibu Holdings, despite the global real estate market being under pressure due to credit squeeze.
Seibu is a corporation with nearly 20 years of experience in the hotel and railway industry in Japan.
Daisuke Kitta, leader of Blackstone’s real estate business in Japan, said the company has revamped its real estate portfolio over the past decade.
Instead of focusing on traditional offices, they shifted their focus to logistics, data centers, and hotels.
“We guarantee solid profits through the latest deal, despite the downturn in the real estate market. That shows how important it is to select projects for acquisition and financing,” said Mr. Kitta. shared with Reuters.
In addition to the above projects, Blackstone is still selling logistics properties it owns or acquired about two years ago from Daiwa House Industry Co.
According to the company, net operating income with assets, seen as a key measure of profitability, increased 35% after they took over.
Blackstone representatives also said that this month alone, they have successfully raised $ 30.4 billion for their latest global real estate fund.
Currently, the fund is managing a total of 332 billion USD in capital from different investment sources.
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