The trust’s stake purchase comes with preferential negotiating rights for acquiring the assets in the future
LaSalle Logiport REIT has agreed to buy a stake in three Japanese warehouse assets for a total of JPY 570 million ($4.3 million).
LaSalle Investment Management’s Tokyo-listed trust will acquire an 11 percent equity interest in a silent partnership that controls Logiport Kyoto in that prefecture’s Yawata city, as well as in a newly built project in Saitama prefecture’s Konosu city and a 2021-vintage asset in Kazo city, also in Saitama prefecture.
Upon completion of the deal, LaSalle Logiport REIT will acquire long-term preferential negotiating rights for the purchase of the three assets from funds managed by LaSalle.
The trust “will consider the acquisition of the subject property by exercising the preferential negotiating rights at an appropriate timing based on capital market conditions as well as the occupancy status of the subject property”, according to stock filings.
Added Acquisitions
The single-tenant Logiport Kyoto was completed in September 2020 and has a gross floor area of 37,399 square metres (402,559 square feet), while the Konosu project was finished in January of this year and provides 34,399 square metres of GFA.
LaSalle head of Asia Pacific Keith Fujii
The Kazo warehouse spans 115,542 square metres of GFA and houses 13 tenants. All three properties are managed by Tokyo-based Xymax Group.
The acquisitions are a follow-on to LaSalle Logiport REIT’s December purchase of a stake in four recently built properties held by the same silent partnership.
The quartet includes a 13,702 square metre warehouse in Aisai, a city in Aichi prefecture west of Nagoya; a 3,701 square metre property in Saitama prefecture’s Saitama city; a 20,981 square metre asset in Kariya city in central Aichi prefecture; and a 5,089 square metre warehouse in Inuyama city, also in Aichi prefecture.
The REIT paid JPY 180 million for its interest in those four properties. With the trust’s three additional acquisitions in Kyoto and Saitama, the silent partnership’s total equity contribution has increased to JPY 6.75 billion ($51 million).
Asset Manager Appointment
On Thursday, LaSalle Logiport REIT’s asset management company, LaSalle REIT Advisors, announced the appointment of Taira Jigami to its board of directors.
Jigami has served as head of fund management at LaSalle Japan since March 2021 and as a substitute executive director at LaSalle Logiport REIT since December 2021.
Before joining Chicago-based LaSalle, Jigami spent nearly 13 years in various executive roles at Mitsubishi UFJ Morgan Stanley Securities.
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