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Japan’s NYK to acquire 50% of KOT - (30/11/2010)

Japan’s NYK is to invest into Knutsen Offshore Tankers (KOT) taking 50% share in the company. KOT change its name to Knutsen NYK Offshore Tankers AS. The Norwegian company is the world's second-largest owner with a fleet of 24 owned vessels and operates 21 crude-oil shuttles.

“Through this investment, the NYK Group will be able to expand its services in upstream areas of the supply chain, in addition to the group’s existing crude-oil transportation service,” the company stated. “The new business fits well with NYK’s expertise in the handling of specialized cargo, such as crude oil, in addition to the company’s experience with dynamic-positioning systems, such as that developed by a NYK Group company in its operations with the deepwater drilling vessel Chikyu.”

Source: NYK

+ Japanese land prices begin to stabilize - (30/11/2010)

Japanese land values declined at fewer prime sites for the fourth consecutive quarter as buyers returned to buy condominiums amid incentives including housing-related tax breaks, a quarterly government survey.

Values fell at 58 percent of monitored sites as of Oct. 1 from July 1 compares with 70 percent three months earlier, 82 percent in the quarter before that, and 96 percent in the prior quarter.

The declines in land values slowed as the drop in prices of condominiums attracted buyers and as those in the major commercial real estate areas reversed their slide after rent adjustments.

Source: Japan Times (edited by Bear Logi)

+ Japanese air cargo volume down by 1.6% in October - (30/11/2010)

Japan’s exports by air fell 1.6% on the year to 92,050 tons in October, their first decline in a year. The first half of 2010 saw strong demand for LCD components and semiconductor-manufacturing equipment shipped to China and Taiwan. However shipments have flattened combined with a slowdown in electronic parts shipments to Asia.

Source: Nikkei

+ Tohbu Network to lease a logistics center for 3PL in Ebina, Kanagawa - (26/11/2010)

On 25 Nov. 2010, Tohbu Network co., Ltd. announced that it is to lease a logistics center in Ebina city, Kanagawa prefecture. In order to promote its 3PL business in Greater Tokyo, Tohbu Network will lease a logistics center and aim to expand business by acquiring cargo handling and transport operation. It tries to make fund management more affective by leasing.

The property to be leased is Ebina Logistics Center (tentative)” in Ebina city, Kanagawa prefecture and it will be completed in Dec. 2011. Its site area is 34,861.14 m2 and total floor area of the building is 32,854 m2. The total lease expense is JPY 5,098 million, which will be offered on loan by Sumitomo Mitsui Finance and Leasing Co., Ltd. The property is to delivered in Jan. 2012.


+ Tohbu Network to complete Hokuriku Logistics Center (tentative) in March 2011. - (26/11/2010)

As part of its 3PL project (logistics package), Tohbu Network Co., Ltd. is now constructing a large logistics center nearby Tonami factory of Hokuriku Coca-Cola Bottling Co., Ltd. which is the cargo owner. It is located at 4km from Tomani IC of Hokuriku Expressway and 5km of Kosuki IC. With the opening of Tokai-Hokuriku Expressway, it has better traffic accessibility and will be a key national logistics hub.

Name: Hokuriku Logistics Center (tentative)

Address: Tonami city, Toyama prefecture

Completion: Scheduled in March 2011

Site area: 37,553 m2

Building: Steel-framed, single-story, all-weather

Total floor area: 21,067 m2


Source: Tohbu Network

+ SG Realty to construct large scale logistics facilities in Kashiwa, Chiba and Yokohama - (25/11/2010)

SG Realty Co., Ltd has decided to construct large scale logistics facilities “SGH Logistics Kashiwa (tentative)” in Kashiwa city, Chiba prefecture and “SGH Logistics Yokohama (tentative)” in Yokohama city, Kanagawa prefecture.

SG Realty consolidates administration and operation as a whole by technique of PM (Property Management) strategy and CRE (Corporate Real Estate) strategy as well as it expands not only in-the-group project (internal sales) but also out-of –group-project (outer sales) in a proactive manner as an integrative real estate company which does effective utilization and new development.

SGH Logistics Kashiwa (tentative)

“SGH Logistics Kashiwa (tentative)” faces the National Route 16 and is located at the Toyofuta Industrial Park, 600m away from Kashiwa IC of Joban Expressway, which is a very suitable location for a hub to provide logistics services. It is a large –scale logistics facility whose site is about 104,000 m2 and total floor area is about 200,000 m2. It is planned that “multi-tenant type” and “exclusive type for a specific customer” will be constructed in order to flexibly correspond to the diversifying needs of enterprises. This facility is equipped with the latest no-column space and ramp, and based upon the concept paying attention to the environment and workers, it can correspond to detailed requests from various customers, regardless BtoB or BtoC. It is scheduled to be completed in spring of 2012.

SGH Logistics Yokohama (tentative)

“SGH Logistics Yokohama (tentative)” is located at about 200 m from Moriya-cho IC of Yokohane Line of Shuto Expressway and has a good access to Haneda Airport. Also, its location is convenient for commuters as it is 5-minute walk from Shin-koyasu station of JR and Keikyu-koyasu station of Keihin Kyuko. This large logistics facility is steel-framed, 4-story above ground and has site of about 40,000 m2 and total floor area of about 84,000 m2. The first floor will be used occupied by a branch and cargo relay center of one of group companies Sagawa Express, and logistics department of outside companies will be invited to from the second to the fourth. It is scheduled to be completed in spring of 2012. Cooperation in services between this facility and group companies will improve the productivity and convenience of tenant enterprises, and it aims at integrated promotion of streamlining in order to play a part in providing seamless logistics connection from home and abroad.

Overview of SGH Logistics Kashiwa (tentative)
Address: 13-1 Shin-toyofuta, Kashiwa city, Chiba prefecture
- about 600m from “Kashiwa IC” of Joban Expressway
- about 25-minute walk from “Kashiwanoha-campus” station of Tsukuba Express
- about 20-minute walk from “Kashiwa-Tanaka” station of Tsukuba Express
Site area: about 104,000 m2
Building area: about 50,000 m2
Total floor area: about 200,000 m2 (Main buildings only. Public health facilities will be constructed later.)
Breakout: Multi-tenant building (steel-framed, reinforced concrete, 6-story), BTS-1 building (steel-framed, reinforced concrete, 4-story) and BTS-2 building (steel-framed, reinforced concrete, 4-story)

Overview of SGH Logistics Yokohama (tentative)
SGH Logistics Yokohama
Address: 3-11 Moriya-cho, Yokohama city, Kanagawa prefecture
- about 200m from “Moriya-cho IC” of Yokohane Line of Shuto Expressway
- about 5-mitute walk from “Shin-koyasu” sta. of JR
and “Keikyu-koyasu” sta. of Keihin Kyuko
Site area: about 39,000 m2
Building area: about 21,000 m2
Total floor area: about 84,000 m2
Structure: Steel-framed, 4-story above ground

Source: SG Realty Co., Ltd

+ Sagawa Express newly establishes Ashigara branch for logistics hubs of major enterprises - (24/11/2010)

On 21 Nov. 2010, Sagawa Express newly established Ashigara branch and relocated Odawara branch.

In the area of which newly established Ashigara branch is in charge there are many logistics hubs of major enterprises, and this area boasts an agricultural industry and ships out plenty of seasonal fruits and vegetables. In the meantime, the area of relocated Odawara branch boasts a local industry of seafood and has active demand for Hikyaku Cool Express.

Overview of Ashigara branch

Address: 1556-3 Kaneko, Oi-machi, Ashigara-kamigun, Kanagawa prefecture (former Odawara branch)

Employees: 44

Vehicles owned: 31



Overview of Odawara branch

Address: 600 Shimo-oi, Odawara city, Kanagawa prefecture

Employees: 76

Vehicles owned: 43



Source: Sagawa Express

+ Bear Logi releases Japan SPC Property Scheme research - (24/11/2010)

On 24 Nov 2010, Bear Logi Co., Ltd released a new data sheet on Japan SPC Property Scheme.

It is available now at “Japan SPC Property”.

+ NTT Logisco completes new warehouse in Chiba - (22/11/2010)

On 19 Nov. 2010, NTT Logisco, Inc. completed a new warehouse (building D) at Chiba Logistics Center located in Ichikawa city, Chiba prefecture.

The new 6-story logistics property (with 4-story for warehouse) has a total floor area is about 29,540m2. It is built to respond to the increased demand of  “high value added services” such as mail-order, medical equipment and precision equipment inspection.

It will be eco-friendly by using LED lighting (about 1,600 units) and by possible introduction of solar power generation system. Monitoring cameras and fingerprint authentication security are also installed.

The effective ceiling height of the warehouse is 6m and the span is set considering installation of storage racks. Air-conditioning currently covers 80% of the warehouse with the system possible to be installed on all the floors. The industrial warehouse property also is equipped with earth quake-resistance capability 1.25 time stronger than current standards.

The warehouse is also equipped with 6 cargo elevators and 5 dock levelers.

In the future, NTT Logisco will undertake the rebuilding of Chiba Logistics Center Building A and construct a new warehouse at Yao Logistics Center.

Overview of the new warehouse buliding

Name: NTT Logisco Chiba Logistics Center Building D

Address: 717-88, Futamata, Chiba city, Chiba prefecture

Access: 1.5km from Baraki IC of Keiyo Road, 3.0km from Chidori-cho IC of Bayshore Route of Shuto Expressway and 5-minute walk from Futamata Shinmachi station of JR Keiyo line

Site area: About 37,000m2 in total as Chiba Logistics Center (about 13,200m2 increased)

Total floor are: about 60,000m2 in total for building A, B, C and D (about 18,150 tsubo)


Source: NTT Logisco, Inc.

+ Mizuho Bank and Ascendas agree to jointly develop industrial and commercial project in Chennai - (19/11/2010)

A memorandum of understanding (MOU) has been signed between Asia's leading business and industrial real estate provider, Ascendas, and a Japan Consortium including Mizuho Corporate Bank and JGC Corporation to collaborate in a large scale project to develop a world-class integrated township in Chennai, India. Ascendas will be the Master Developer of eco-friendly infrastructure for industrial, business, commercial, residential, and lifestyle amenities.

Under the agreement Ascendas and the Japan consortium will share knowledge and experience in the areas of project financing, infrastructure technologies and industrial park development. Many Japanese companies have already set up operations in Chennai and more have shown strong interest to be there.

Over the years, Ascendas has established deep working relationships with many Japanese companies looking to expand into Asia's developing economies like China, India, and Vietnam. In particular, India has become a major investment destination for many Japanese companies looking to take advantage of its huge domestic market, low costs of production and high quality workforce. 

Source: Ascendas (edited by Bear Logi)

+ Logistics property market trends in Nagoya, Japan - (18/11/2010)

On Nov 12. 2 010, Japan Field Logistics Institute, Inc. (Jlfi) released the Survey Report on "Property Market Trend in Logistics Nagoya".

The data of Greater Nagoya (about 170 logistics properties larger than 1000 tsubo <3,300 m2>) used in data analysis was collected in Sep. And Oct.2010.

It Comprises Mainly Chapters 2: "Large leased Logistics Property Market Trend in Greater Nagoya" and "Logistics Property Market Trend by Region".

1. Large leased logistics property market trend in Greater Nagoya

Data Shows That has Jlfi the total Floor Area of the Logistics Properties in Greater Nagoya is large Tsubo Approximately 690,000 (2,277,000 M2). According to Jlfi's with the Same Data Standard, Tsubo Roughly Compared with 5,000,000 (16,500,000 M2, seven hundred and fifty Properties) in Greater Tokyo, 1,800,000 tsubo (5,940,000 m2, 345 properties) in Greater Osaka and 730,000 tsubo (2,409,000 m2, 202 properties) in Greater Fukuoka, Nagoya is the smallest area among these four big cities in Japan. However, properties of more than 200,000 tsubo (660,000 m2) are concentrated not in broad area, but in narrow area around Komaki and Nagoya bay area.

Of this Region in the Inland Area, District warehouses are Concentrated Around Komaki. In 1 970's construction of an Inland Logistics Properties Started Because Komaki is a node of Industrial and Highway District, and construction is Still Ongoing After two thousand. Major Business Warehouse local providers have multiple bases in this area. The inland area has some large leased developing properties, but in general it has a little leased logistics properties.

In bay area logistics properties are located mainly behind the Nagoya Port, Alongside Nagoya bay. In the southern part of Nagoya city, there are plenty of facilities of old warehouse business providers, port logistics business providers, 3PL providers and shippers.

2. Logistics property market trend by region

Greater Nagoya has 5 characteristic area: Nagoya Port east bank district (Minato ward to Tokai city), Nagoya city central district (Minato ward to Nakagawa ward), Nagoya Port central and west bank district (Tobishima to southern Yatomi), Komaki to northern Nagoya district and Centrair district. In Greater Nagoya there is few logistics properties for short / mid-term leasing, so it can hardly be said that leased properties market has been formed to the fullest extent. Therefore, currently the rent level remains stagnated due to drastic economic slump in this region. In the future, since provision of leased logistics properties will be limited, the rent level will become appropriate in accordance with economic recovery, mainly for mid / large leased properties in assured compliance.

At present, in any area the rent is weakened and the standard is possibly about 3,000 JPY / tsubo (3.3 m2) except urban area like inside of Nagoya city.

Logistics Property Market Trend in Nagoya (in Japanese) 

Point of Contact:

Business Matching Department, Japan Logistics Field Institute, Inc

Mr. Sabata


Source: Japan Institute Field Logistics, Inc. (Edited by Logi Bear)

+ Asia Commercial Property Survey shows increased investment demand - (17/11/2010)

The results of the latest RICS Global Commercial Property Survey published show that property markets in China, Hong Kong and Singapore continue upswing into the third quarter of 2010. The Asian countries once again lead the way across the majority of the globe as they outperform those in the West.


Rental and capital value expectations increase in Hong Kong, China and Singapore at the fastest pace in two years. 


Increasing investment demand is supporting the climb in capital values. In China, respondents are still seeing prices rise despite government measures taken to cool the overheating property sector.


Expected rents and capital values for Q4 are also increasing, and at a faster pace than in the previous three months. Occupier demand for property continued to increase but this is yet to lead to a drop in availability; available space is still increasing in China, but the pace has eased for 4 consecutive quarters and is currently growing at the slowest pace since 2008. Significantly, development starts picked up as did the level of investment activity.


Source: RICS

+ Yokohama Industrial land sold for 5.42 billion JPY - (16/11/2010)

Land at 43-13 Daikokucho (the parking lot on the right hand side is part of the auction site)


USS, an operator of used car auctions, decided to acquire about 60,000 m2 of land in Daikokucho, Tsurumi-ku, Yokohama City. The price is 5.42 billion yen [$65 million] and the seller is a special purpose company of New City Corporation, which ceased operations in May 2009.


The land is about 4 km from central Yokohama and is located near the Daikoku Wharf. It is a three-minute drive from the exit of the Daikoku Junction on the Tokyo Metropolitan Expressway Coastal Line and a 15-minute bus ride from JR Tsurumi Station.


It is surrounded by a number of factories and warehouses and is adjacent to the Yokohama auction site of USS, the buyer. USS will use the acquired land as a yard for vehicles for auction at the auction site.


Including the plot sold this time, New City acquired approximately 230,000 m2 of land in March 2006 for about 20 billion yen [$240 million] and was planning to construct four warehouses on the land. One of the planned warehouses has already been completed and is being operated.

[Outline of Dealing]

Name: Land at 43-13 Daikokucho

Buyer: USS

Seller: Daikoku Distribution Center TMK (SPC of New City Corporation)

Price: 5,423,000,000 yen [$65 million]

Location: 43-13 Daikokucho, Tsurumi-ku, Yokohama City (residence indication)

Access: 15-minute drive from JR Tsurumi station

Land area: 59,746.62m2

Dealing period: October 2010 (contract)


Source: Nikkei

+ Bear Logi attends MIPIM ASIA 2010 - (14/11/2010)

Bear Logi exhibited at MIPIM Asia 2010, a gathering of Asian property investors in Hong Kong. The event brought together the major real estate industry players and government authorities from across the Asia Pacific region.

Bear Logi would like to thank Reed MIDEM for organizing this quality real estate event. 

Bear Logi MIPIM hong Kong

+ Hong Kong Air Cargo hits record high - (05/11/2010)

Hong Kong Air Cargo Terminals Limited (Hactl) hit record-high tonnage volumes on 22 October with a total of 10,184 tonnes of air cargo handled that day.


A total of 260,622 tonnes were handled in October, representing a year-on-year increase of 15.4%. Cumulative tonnage for the first ten months of 2010 was up 29.4% year-on-year at 2,394,546 tonnes.


Export volume in the month was up 16.8% year-on-year at 144,624 tonnes, with total export volume for the first ten months at 1,310,022 tonnes.


Import volume was up 6.1% against the previous year at 62,881 tonnes, while the transhipment volume was 53,117 tonnes, indicating a year-on-year growth of 24.0%.


Source: Hactl

+ IIF announces the change of tenant at ITF Koshigaya Logistics Center: from Logione to Family Mart - (04/11/2010)

On 1 Nov. 2010, Industrial & Infrastructure Fund Investment Corporation (IIF) announced that the tenant of ITF Koshigaya Logistics Center will be changed from LOGIONE Co., Ltd to TSUKASA based in Kazo city, Saitama prefecture.

TSUKASA is a general cargo transport company and Family Corporation Inc. which does logistics business for Family Mart jointly guarantees all the debt of TSUKASA.

The leased area is 10,113m2 and the lease will begin on 1 Jan 2011 for 10 year period. The annual rent is JPY 151 million (JPY 4,100/tsubo/month).

The former tenant , LOGIONE (logistics company of DAIEI group) is promoting consolidation to the logistics facilities owned by DAIEI and will terminate the contract at the end of Dec. 2010, the expiration date.

Following this decision, invitation activity for new tenant has resulted in a new contract with TSUKASA which is commissioned to operate distribution centers for Family Mart stores.

LOGIONE has already paid the rent for the expiration date and left the facility on 30 Sep. 2010. The facility will be under construction for repair before the new tenant moves in on 1 Jan. 2011.

The new tenant plans to have this center as Family Mart Koshigaya Room Temperature Center (tentative), handle daily commodity items such as processed food, sweet stuff, drink and liquor, and distribute the products to 400 stores in the northern Tokyo and southern Saitama.

In order to have effective logistics business, it also plans to strengthen logistics service to Family Mart stores in the following manners: establishing more accurate operation by handling the orders from Family Mart stores through the warehouse management system, having it linked to service support system for sorting in warehouse for distribution, and introducing various logistics equipments like handy terminal and belt conveyer.

Making use of the period before the move-in day, 1 Jan. 2011, renewal construction work for eco-friendly facility will be conducted to switch the aging equipments to energy-saving ones.

Source: IIF

+ Suzuken to start operating a new logistics hub for medical goods in Inzai city, Chiba - (04/11/2010)

On 8 Nov. 2010, Suzuken Co., Ltd is to start operating Chiba Logistics Center (in Inzai city, Chiba prefecture), which is the third logistics hub for medical goods in Kanto region.

< Chiba Logistics Center >

With JPY 6.5 billion spent for facility investment, Chiba Logistics Center has a logistics center with 21,727m3 of total floor area on the land of 30,000m3, where 21,000 items will be stored.

Covering the area of Chiba, Ibaragi and a part of Tokyo prefectures, this center will try to make the delivery lead time shorter and out-of-stock rate lower. It is capable of shipping the items worth JPY 220 billion per year.

Introduction of original warehouse management system makes it possible to control the lot number and expiry date of the products delivered and to recall target medical products quickly in case of recall due to production failure, etc.

Moreover, the center ships the goods highly accurately using digital picking system and POS goods inspection system while it has strict control according to the characteristics of each product, installing vein authentication system at center control room and special warehouse which houses psychotropic drug, poison, toxic and deleterious substance, etc.

Also, the center is secured by comings-and-goings-control in all the facilities using noncontact card with IC tip as well as 24-hour monitoring by security cameras.

Solar power generation panel whose max. capacity is 20kw are installed on the south side of the center and LED lighting is partly used.

Suzuken is aiming at early realization of logistics scheme to have 9 logistics centers nationwide and improvement of quality control precision of the products by introducing traceability system (tracking study).

In addition to Sapporo, Toda (Saitama prefecture), Kanagawa, Konan (Aichi prefecture), Hanshin (Hyogo prefecture) currently in operations and this Chiba Logistics Center, 9 middle-size logistics centers nationwide together with Miyagi, Okayama and Fukuoka, and 8 products centers which will support those  middle-size ones will be scheduled to set up.

Overview of Chiba Logistics Center
Chiba Logistics Center
Address: 1-1-1, Midori-dai, Inzai-shi, Chiba
Site area: 30,000.00m2
Building area: 11,226.44m2
Total floor area: 21,727.49m2
Structure: steel-framed, 2-story above ground

Source: Suzuken

+ Bear Logi Co., Ltd updates Japan real estate website - (02/11/2010)

Bear Logi has updated it's website to allow for easier access to news and research of the Japanese logistics property market. Bear Logi is the only industrial real estate web site offering news and intelligence about the Japanese market in both English and Japanese. We thank our readers for their support and we will work hard to bring you relevant and timely news and research.

+ 74.14 billion JPY worth of industrial property sold in Japan in 2010 - (02/11/2010)

Bear Logi Co., Ltd has released a series of new logistics property market reports for 2010. One of the studies revealed that 14 logistics property transactions were recorded in the year to October 2010 at a combined value of JPY 74.14 Billion.

5 of the 14 properties were bought by Mapletree Logistics Trust, a Singaporean S-REIT. LaSalle Investment Management also purchased 4 properties in the Tokyo Bay area. 2 properties were bought J-REITs.  


Greater Tokyo remains the focus of investors with most of the transactions occurring in Kanto region. The combined total transaction amount was JPY 74.14 Billion with an average NOI Cap rate of 6.6%.

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