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Yokohama city to sell land at Torihama-cho, Kanazawa - (20/12/2010)

The city of Yokohama, for rationalization of assets is making a public sale of city-owned land at Torihama-cho, Kanazawa-ku by the fixed price proposal method. To ensure this fixed sales method is effective, fair and equitable, a screening panel will review the contents of the project.

The southern coastal industrial area where the city-owned land is for public sale (public offering land) is located is an area which has manufacturing and distribution bases using maritime traffic as well as R&D facilities.

Given the land is located in the harbor district (industrial port area) and can utilise maritime traffic. it is considered rare.

Therefore, in this public sale, the expected projector will be determined in an appropriate manner by the fixed price proposal method. The application guide will be distributed from December 15, 2010.

Overview of public offering

1. Overview of public offering land





10-6 and 9, Torihama-cho, Kanazawa-ku

Category of land

Building site

Area (actual measurement)

9,332.92 m2

Zoning (building coverage ratio / floor area ratio)

Industrial use only zone (60% / 200%)


about 3.3km from JR "Shin-sugita” station

about 1.5km from Seaside Line "Torihama" station

2. Scheduled intended use

As specified below out of the intended use of harbor district (industrial port district)


- Plant and its ancillary facilities operating manufacturing business which depends on maritime or harbor transport for transportation of raw materials or products and associated business

- Wholesale and exhibition facilities and distributive processing  facilities attached to the plant of above and ancillary facilities of these

- Shipyard and its ancillary facilities

R & D facilities

- Research and development facilities regarding science technology (excluding one related only to humanities) and its ancillary facilities

Distribution business facilities

- Wholesale and exhibition facilities and distributive processing  facilities attached to the facilities for disposal of goods and for storage and ancillary facilities of these

- Truck Terminal and its ancillary facilities to be used for the transportation of cargo by using the port

3. Public sale price

 JPY 543,175,944 in total (Unit price: JPY 58,200 / m2)

4. Schedule of public offering

Distribution of application guide

From December 15, 2010

Acceptance of applications

From January 24, 2011 to January 31, 2011

Decision of the expected projector

At the end of March 2011

*The expected projector will be decided after reviewed by the committee separately established.

5. Point of contact for application guide, inquiry and acceptance of application

Property Coordination Section, Contract Property Department, General Affairs Bureau, City of Yokohama

4F, Yokohama city hall

1-1, Minato-cho, Naka-ku, Yokohama-city, 231-0017

Contact: Suzuki / Oyama

Phone: 045 -671 -2269 (direct)

FAX: 045-662-5369

*Application guide is not available on the web.

Source: Yokohama City Government

+ Grosvenor to launch new property fund in Japan - (15/12/2010)

Grosvenor Fund Management has appointed Mr Morgan Laughlin to the newly created role of Managing Director for Grosvenor Fund Management, Asia Pacific based in Tokyo.

The appointment is part of the investment managers' efforts to increase capital allocation to Asia and grow the fund management business in Asia. A new multi-sector property fund will be launched in Japan where Grosvenor has been operating since 1994. It currently has three funds in Japan and one in China on behalf of 24 investors.

Source: Wall Street Online (edited by Bear Logi)

+ Daiwahouse to develop “Hokusetsu Sanda 2nd Techno Park” in Sanda city, Hyogo prefecture - (13/12/2010)

On 6 Dec. 2010 Daiwahouse Industry Co., Ltd got an approval from Hyogo prefecture on the land reallocation project of “Hokusetsu Sanda 2nd Techno Park” (HSTP2). This is the largest development of industrial park in Daiwahouse’s history and it will start development in Jan. 2011. Further, it will proactively try to attract enterprises to the HSTP2.

Project Overview

1. Project History

On 17 Sep. 2009, Daiwahouse concluded the tentative land transfer contract with the Urban Renaissance Agency (UR) in order to have business succession on the land which UR had planned to develop as “Hokusetu Sanda Second Techno Park”. And on 6 Dec. 2010, Daiwahouse got an approval from Hyogo prefecture on land reallocation project and will develop the HSTP2.

2. Industrial Park

2.1 Scale

Together with “Hokusetsu Sanda Techno Park” next to the HSTP2, the total project area is about 233ha and this is the second largest industrial park in the inland area of Hyogo prefecture.

In the HSTP2, various type of enterprises can scrap and build bases such as large facilities; manufacturing and logistics ones, and laboratory, as well as establishment of a new base of the area.

The total project area is approximately 97ha (approx. 290,000 tsubo, 957,000m2). The area scheduled to be sold is about 23.2ha (about 70,000 tsubo, 231,000m2) in the first period and about 23.8ha (about 72,000 tsubo, 237,6000m2) in the second period.

2.2 Location

The HSTP2 is a large industrial park which plays a part of Sanda Hokusetsu New Town in Sanda city, Hyogo prefecture. It is about 50km far from Osaka city and about 40km far from Kobe city, which means it is within economic zone and commutable area of these cities.

2.3. In the future

Daiwahouse is to conclude the land transfer contract with the UR agency in January 2011. From now on it will start land preparation work and selling project land on condition that the purchaser shall give the seller a contract for the building of any facility.

Daiwahouse will aim to revitalize the area by proactively attracting enterprises to the HSTP2 in collaboration with Hyogo prefecture, Sanda city and the UR.At the same time it will propose welfare facilities (residence, dormitory, corporate housing, etc.) for the enterprises to move into the HSTP2.

3. Overview of HSTP2

Name: Hokusetsu Sanda 2nd Techno Park

Location: Kami-uchigami and Shimo-aino, etc., Sanda city, Hyogo prefecture

Project scale: to be about JPY 30 billion (USD 357 million)

Total project area: about 97ha (about 290,000 tsubo, 957,000 m2)

Area to be sold: about 47ha (about 142,000 tsubo, 468,600 m2)

4. Project schedule

6 Dec. 2010 Approval on land reallocation project from Hyogo prefecture

Jan. 2011 Conclusion of land transfer contract (schedule)

Beginning of the 1st period land preparation work (schedule)

Beginning of the 1st period sales (schedule)

Mar. 2013 Completion of the 1st period land preparation work (schedule)

Apr. 2013 Beginning of the 2nd period land preparation work (schedule)

Mar. 2015 Completion of the 2nd period land preparation work (schedule)


Source: Daiwahouse Industry (edited by Bear Logi)

+ Result of takeover of common shares and new share subscription right in J-REP Co., Ltd - (07/12/2010)

Macquarie Goodman Japan Pte Ltd (MGJ) started a takeover of common shares and new share subscription right in J-REP Co., Ltd (J-REP) a Japanese industrial real estate and fund management company on 18 Oct. 2010 and ended it on 1 Dec. 2010.

1. Overview of takeover

1.1 Name and address of the acquirer

Macquarie Goodman Japan Pte Ltd

6 Battery Road, # 33-01, Singapore 049 909

1.2 Name of the target

J-REP Co., Ltd

1.3 Kind of shares for takeover

Common shares and new share subscription right

1.4 Number of shares to be acquired

- Number of shares to Be Acquired: 172,299

- Upper and lower limit of number of shares to be acquired: None

1.5 Period of takeover

- Scheduled Period of takeover: from Mon., 18 Oct. 2010 to Wed., 1 Dec. 2010 (31 working days)

- Possibility of extension based on the request of the target: None

1.6 Price of takeover

- Common share: JPY 35,000 per share

- New share subscription right: JPY 1 per right

2. Result of takeover

- Outcome of takeover: since upper nor lower limit of shares to be acquired had been set in this takeover, all the shares applied for this takeover are to be acquired.

- Number of shares acquired

 Shares: 29,717

 Total: 29,717

3. Policy after the takeover and future prospect

In view of the number of the shares applied, MGJ is now looking to follow the procedures to acquire 100% ownership of J-REP written on the takeover start publication and takeover notification form. In the future, once MGJ decides to do so, MGJ or J-REP will make an immediate announcement. Furthermore, MGJ may consider acquiring common shared of the target additionally in the market in the future.

Source: J-REP

+ Japanese General Contractors and Expected Cap Rate Research - (06/12/2010)

Bear Logi has released 2 new data sheet reports on the Japanese Industrial Real Estate Market. The reports outline Japanese general contractors and transition of expected cap rate of logistics property in Japanese major cities.

Japanese General Contractors

Expected Cap Rate of Japanese Logistics Property

+ Japanese Land Use Zoning, Planning and Construction Research - (01/12/2010)

Bear Logi has released 2 new data sheet reports on the Japanese Industrial Real Estate Market. The reports outline the typical zoning, planning and construction process flow in Japan for the building of warehouses and logistics properties.

"Zoning Process.pdf"

"Planning and Construction Process.pdf "

+ 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)

+ 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

+ 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.

+ 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)

+ 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

+ Yamato Japan to build USD $1.73 billion logistics property near Haneda Airport - (26/10/2010)

On 25 October 2010, Yamato Holdings announced that it will construct Haneda Logistics Terminal.

Total investment amount is JPY 140 billion (USD 1.73 billion). Yamato will invest about JPY 54.2 billion (USD 670 million) in construction and facilities on the land of about 100,000m2 located at Haneda-Asahicho, Ota-ku, Tokyo, which had been acquired from Ebara Corporation for JPY 85.4 billion (USD 1.06 billion, including 12-story building) in April 2008. The terminal will be of about 200,000m2 of total floor area most of which will be for a logistics building.

Rendering of Haneda Logistics Terminal

Yamato expects construction to begin in January 2011, completion in July 2012 and operation to start in October 2012.

General plot plan of Haneda Logistic Terminal

Haneda Logistics Terminal is a integrated solution terminal to correspond to the needs for supply-chain management in whole Asian region, and a showcase terminal which shapes the Yamato groups corporate philosophy.

One of the main functions of this new terminal is direct transportation function which passes customs and distribute the goods arrived from overseas. This makes it possible to reduce the number of stock hubs, and provides logistics cost reduction and promotion of streamlining.

Global cross-dock function, which does break-bulk of the goods coming from overseas and quickly ships out, makes stock turnover better and stock amount very few. By speedy correspondence to changing market, Yamato helps to establish efficient production and sales system.

Together with the above, multi transportation function, which provides domestically and internationally complicated logistics model with diverse transportation methods, provides the most appropriate land-sea-and-air transportation mode corresponding to the needs.

Further, products and distributive processing function such as product processing, kitting and maintenance provides speedy, safe and secured delivery to end-user.

The logistics building is 6-story above ground (L 114m x W 240m x H 48.6m) and has about 170,000m2 of total floor area. The state-of the-art material handling equipments like big package assortment machine and small package assortment machine are to be introduced.

By installing material handling lines symmetrically and having a new operation which enables highly changeable performance according to time slot and purpose of use, assortment efficiency will be considerably improved.

With these equipments, Yamato is trying to have complete automation and make cargo handling capability 50% better than conventional type terminal. Also it is to minimize logistics-related time and travel distance in collaboration with truck berths for more than 200 trucks. The lowering rate of operational workers and working hours achieved by automation is expected to be about 44%.

At the same time, Yamato plans to introduce the latest systems such as one which understands the amount of cargo and operational status in the terminal, another one which properly leads vehicles on the site. Presentation facility to let visitors realize next generation terminal and facility observation tour course are to be installed.

The Yamato group companies to be tenanted are as follows: Yamato Logistics, Yamato Packing Service, Yamato Global Logistics Japan, Yamato Multi- Maintenance Solutions, Yamato Packing Technology Institute, Yamato Home Convenience, Yamato System Development, Yamato Financial, Yamato Transport, and Yamato Global Express.

As facilities for regional contribution, Yamato will have Wa no Sato Park(regional contribution zone) on the terminal site where open space representing a satoyama - the border zone or area between mountain foothills and arable flat land -, forum (gym) and home delivery service center will be.

Nursery school corresponding to the need of children waiting to get in there, and Swan Café and Bakery to promote the employment of the disabled and independence support for them are to be built as well.

By installation of various environmental equipments such as making proactive use of solar energy generation and trying to lower the heat of road with rainwater, the amount of CO2 emission from the entire facility in expected to be reduced about 46%, 14,000 tons per year.

Overview of Haneda New Terminal Construction Plan

Name: Haneda Logistics Terminal
Site: 11-1, Haneda-Asahicho, Ota-ku, Tokyo
Structure & scale: Pre-cast concrete, pre-stressed concrete and steel (6-story logistics building, 8-story office building, max height 48.6m)
Parking: 572 vehicles (standard cars x 238, large cars x 118, trucks x 216)
Site area: 98,872.87m2
Construction area: 45,267.37m2
Total floor area: 197,697.70m2
Designed by: Nikken Sekkei
Constructed by: Kajima Corporation

Source: Yamato Holdings

+ Japanese Real Estate investment opportunity coming says Fortress - (25/10/2010)

Fortress Investment Group LLC, which has $41.7 billion of assets under management, said there are investment opportunities in the Japanese real estate market because some banks may sell properties as loans come due.


“A fair portion” of $50 billion worth of real estate will have to be sold in the next three to five years as loans backed by those properties come due, according to Mr Pulley the Managing Director of Fortress. Some Japanese banks may have to sell properties that were used as collateral as real estate values in Japan fall about 30 percent to 40 percent.


Total commercial mortgage debt in Japan this year will reach a record high 1.12 trillion yen ($14 billion), a 59 percent increase from last year, according to an estimate by Moody’s Investors Service.


Source: Bloomberg (edited by Bear Logi)

+ Kawasaki City, to look for enterprises for Higashi-Ogijima Total Logistics Base Area (Second-stage) - (18/10/2010)

On 15 October 2010, Kawasaki City started to look for enterprises which would forge ahead to about 9.9 ha in Higashi-Ogijima Total Logistics Base Area.

The application period is from 15 October to 17 December 2010. The plat for application is Higashi-Ogijima 4A area (21,444.00m2 from 88, Higashi-Ogijima, Kawasaki-ward), 4B area (16,870.98m2 from 88, Higashi-Ogijima, Kawasaki-ward, 4C area (16,871.05m2 from 88, Higashi-Ogijima, Kawasaki-ward, 5A area 17,509.93m2 from 86, Higashi-Ogijima, Kawasaki-ward, 5B area (17,509.94m2 from 86, Higashi-Ogijima, Kawasaki-ward)、6 area (9,093.53m2 from 90, Higashi-Ogijima, Kawasaki-ward.

Leasing condition for these area is term leasehold interest for business and leasing period is 20 years.

For detailed information, please refer to (in Japanese)

Point of Contact:
Kawasaki City
Management Planning Section, Port Management Department,
Port Bureau

+ J-REP to de-list its Japan Real Estate Business - (18/10/2010)

J-REP Co., Ltd (“J-REP”) a Japanese industrial real estate group has announced that it intends to acquire all the common shares of the company in a move to delist from the Mothers section of the Tokyo Stock Exchange.


J-REP will become a wholly owned subsidiary of Macquarie Goodman Japan Pte. Ltd a joint venture between Macquarie and Goodman.


J-REP will participate as an investor in a new logistics real estate development fund to be established by Macquarie and Goodman known as ‘Japan Logistics Development Framekwork’ (JLDF)


On a successful delisting of the company, J-REP will be renamed ‘Goodman Japan’.


For more details refer to the company press release here


Source: J-REP (edited by Bear Logi)

+ Japan property shares jump on BOJ plan - (12/10/2010)

* BOJ move likely to accelerate property market recovery

* BOJ's asset-buying could fuel REIT sector M&A

* Tokyo Stock Exchange's REIT index jumps to 5-month high


Mitsubishi Estate and other Japanese property stocks jumped on Wednesday as investors bet the central bank's surprise plan to buy assets including real estate investment trusts would help spur on the industry's recovery.

Further consolidation in the country's 3 trillion yen ($36 billion) REIT market is also expected if the Bank of Japan pours money into selective REITs with financial stability.

REITs, corporations that pool investor funds to buy real estate, have lost about two-thirds of their value since peaking in May 2007 as the global credit crunch made it harder for them to raise funds to purchase properties for growth.

But the Bank of Japan's plan to set up a 5 trillion yen ($60 billion) fund to buy a wide range of assets including REITs, along with cutting benchmark interest rates to virtually zero, has brought "extremely positive" support to Japanese REITs, said Daisuke Seki, CEO of IB Research and Consulting, a REIT consultancy.

"REITs are seeing an increasingly positive business environment because fund-raising is becoming easier and now, investors are assured that the government will be pumping money into the (REIT) market," he said.

Seki said the BOJ's move could also accelerate mergers and acquisitions in the country's REIT market if the central bank is seen targeting mainly REITs with bigger assets or better financial health.

Shares of Mitsubishi Estate surged 4.2 percent, and the real estate sector's subindex also rose 4.2 percent.

Among REITs, Nippon Building Fund Inc gained 5.2 percent, Japan Real Estate Investment jumped 6.4 percent and Japan Prime Realty Investment Corp rose 1.2 percent.

That helped the Tokyo Stock Exchange's 36-member REIT index rise 1.2 percent to its highest close since May 6.

Through the Bank of Japan's 5 trillion yen fund announced on Tuesday, the central bank plans to allocate about 3.5 trillion yen to buy government debt and treasury bills, and the remainder to purchase other assets.



To counter a tighter lending environment and falling property prices, Japanese REITs last year began actively pursuing mergers and acquisitions as weaker players seek partners for survival.

The industry consolidation, along with greater willingness among banks to offer loans, has helped REITs improve their financial health and buy properties in the past year.

Japanese REITs had acquired properties worth a total 366 billion yen in the six months to June, more than double the figure a year ago, with more transactions expected towards the end of this year, according to a Barclays Capital report.

The BOJ's latest move is also likely to support Japan's property market as a whole, said SMBC Friend Securities Research Centre analyst Masao Bamba.

"It's not that the government will directly buy properties, but the fact that they will pump money into the REITs and help maintain their cash status means that property transactions in general will be activated. REITs are key vehicles in property transactions," said Bamba.

"The news came also when the (property) market was heading for a recovery with easier access to banks' lending. It's positive for the overall property market," he said.

Betting on a recovery in Japan's property market, investors from the United States to Singapore are already on the hunt for real estate in Japan with over $2 billion in deals cemented since late last year and more in the offering.


Source: Reuters

+ LaSalle to acquire an in-service logistics facility in Tokyo bay area - (06/10/2010)

LaSalle Investment management Inc. announced that the fund it manages has decided to acquire an in-service logistics facility in Tokyo bay area.


LaSalle has made a decision to acquire this property following 3 of those in Tokyo bay are which had been acquired in June 2010. It will expand the investment in large high functional logistics facilities by managing of LaSalle Japan Logistics Fund II and have a plan to invest about 150 billion yen (US$ 1.8 billion) in a coming year and half.


Mr. Yosuke Yoshikawa, operating officer in charge of logistics department from LaSalle Investment Management Inc., says this logistic facility we acquired has approximately 17,000m2 of total floor area and located close to central Tokyo, and we see this as a stable target of investment. By consolidating logistics hubs for the enterprises and anticipating brisk demand for large high functional logistics facilities corresponding to cost reduction, LaSalle will continue to acquire in a proactive manner logistics facility which has a good location and land for development in Tokyo metropolitan area and Kansai region and provide in a long term reasonable facilities.”


LaSalle Japan Logistics Fund I and II:

The fund specialized in logistics which invests in Japanese logistics properties with fund raised from institutional investors, major pension funds, university funds, investment governments in USA, Europe, Middle East, Asia region. The portfolio is about 200 billion yen (US$ 2.4 billion) and this fund is related to “Tokyo Bay Area Logistics Facilities Portfolio”(S&LB), Nippon Express Ichikawa Shiohama Center (BTS), Logiport Kashiwa(multi-tenant), Logiport Osaka (multi-tenant), Hamura Logistics Center (BTS), “Sumitomo Chemical Logistics Shiino-mori Logistics Center”(BTS), “Logiport Nagareyama”(multi-tenant).


Point of Contact:

Mr. Imaizumi, PR section, LaSalle Investment Management Inc.



Source: LaSalle Investment Management Inc.

+ Chiba Prefectural Government to subdivide land for disposal in Akanehama, Keiyo port district - (29/09/2010)

From 29 September 2010, Corporate agency of Chiba Prefectural Government is to seek by free contract transferee for land for disposal in Akanehama, Keiyo port district, Narashino city.

The property is located at 3-38-1, Akanehama, Narashino-shi. Currently it is housing site and its area is 46,168m2, the minimum amount is set at 2.68 billion JPY.

The land should be used for logistics business including delivery, distribution and processing.

Subdivision Plan

Point of Contact:
Land Subdivision Section (Industrial and Logistics Subdivision Office)
Area Development Department

Corporate agency of Chiba Prefectural Government
TEL: +81-(0)43-296-8756


+ Orix to install 3 logistics properties with solar power - (27/09/2010)

Japan's Orix Real Estate Corporation has decided to install solar power generation systems at the logistics properties currently under development.

3 Target logistics facilities are Kawagoe Sangyo Danchi Logistics Center (in Kawagoe city, Saitama), Ichikawa Chidori-cho Logistics Center (in Ichikawa city, Chiba) and Komaki Logistics Center (in Komaki city, Aichi), which are large-scale logistics facilities with total floor area of from about 6,000 tsubo (19,834.71m2) to 22,000 tsubo (72,727.27m2) respectively.

Orix is aiming for eco-friendly facilities by installing solar panels on the roof of these large-scale logistics facilities and by covering a part of electricity used in the  properties.

2,160 solar panels in total will be installed in these 3 properties and electricity of 176,160 kwh in total is expected to be generated. Generated power will be used for lights and air conditioning in the facilities and contribute to reduced CO2 emission.

Overview of solar power generation systems

1. Kawagoe Sangyo Danchi Logistics Center

Number of solar panels to be installed: 1,120 (module output 85W/panel)

Power generation output: 95kw

Expected production of electricity: 92,163kwh/year


2. Ichikawa Chidori-cho Logistics Center

Number of solar panels to be installed: 800 (module output 85W/panel)

Power generation output: 60kw

Expected production of electricity: 63,788kwh/year


3. Komaki Logistics Center

Number of solar panels to be installed: 240 (module output 85W/panel)

Power generation output: 20kw

Expected production of electricity: 20,209kwh/year

Rendering for solar panel installation (Ichikawa Chidori-cho Logistics Center)


Overview of properties to be installed with solar power generation systems

1. Kawagoe Sangyo Danchi Logistics Center

Address: 5-1, Yoshino-dai, Kawagoe-shi, Saitama

Site area: 34,800m2

Leasable area: 50,200m2

Structure: steel, 3-story above ground with 4-story office, cross dock on the ground floor

Completion: February 2011



2. Ichikawa Chidori-cho Logistics Center (CASBEE A-rank)

Address: 13, Chidori-cho, Ichikawa-shi, Chiba

Site area: 33,600m2

Total floor area: 66,200m2

Structure: Steel and steel reinforced concrete, 4-story above ground, cross dock on the ground floor, berth on the 3rd and 4th floor

Completion: February 2011



3. Komaki Logistics Center

Address: 24, Aza-Toriumido, Oaza-Nishinoshima, Komaki-shi, Aichi

Site area: 9,500m2

Total floor area: 18,100m2

Structure: Steel (partially steel reinforced concrete), 4-story above ground, berth on the ground floor

Completion: October 2010



Source: Orix Real Estate

+ LaSalle to install Logi Port Kashiwa with 1.5MW solar power - (27/09/2010)

LaSalle Investment Management Inc. announced that it plans to install 1.5MW solar power generation systems to a large-scale logistics facility they manage known as Logiport Kashiwa (3-1, Shin-Toyofuta, Kashiwa-shi, Chiba). This solar plan will be one of the largest for logistics facilities in Japan.

According to the plan, the installation work will start this month and the first 500KW system will start operation by April 2011 and the second 1.0MW system will be in operation by April 2013. LaSalle owns a lot of logistics and commercial facilities in Japan whose roof area is wide. It therefore plans to install solar panels to other properties in the future.

The scale of 1.5MW is the largest among the cases of solar power generation systems using the roof of buildings. The 22,400m2 large roof of the logistics property is to be used to the utmost . Taking advantage of the output which is about 430 times stronger than standard solar panel sets used on the roof of general houses, it will greatly contribute to reduce CO2 emissions. The effect is estimated to be about 530 tons of CO2, which is equivalent to about 800,000 m2, 17 times as large as Tokyo Dome, in forest area which can absorb CO2.

One of the huge benefits of installation of this system is that advantage of CO2 reduction will be presented to tenants who occupy the facility. So far, most cases of installation of solar power generation systems have been for electricity consumption in common use space of buildings or for private use in a company. However, this system of greenelectricity generated by solar power system is to be allocated for all the tenants and therefore tenants benefit from CO2 reduction. The analysis by LaSalle estimates that greenelectricity could ultimately cover about one-third of the electricity used by tenants.

Facility overview

Name: Logiport Kashiwa

Address: 3-1, Shin-Toyofuta, Kashiwa-shi, Chiba

Land use zoning: Industrial use only

Site area: 59,442.01m2 (17,981.20 tsubo)

Total floor area: 117,193.21m2 (35,450.94 tsubo)

Structure: 5-story, reinforced concrete and partially steel-frame

Equipment: Ramp on all the stories

Completion: July 2006


Expressway: Approx. 1km from Kashiwa IC of Joban Expressway

Train: 12 min. on foot from Kashiwa Tanaka sta., Tsukuba Express

Design/Construction: Panasonic Environmental Systems & Engineering Co.,Ltd.


2Solar power generation systems rendering. 


+ Japan’s property market stagnant, land price slowly recovering - (24/09/2010)

The slide in Japan's average land prices slowed in the year to July from a year earlier but the movement toward recovery is sluggish and the nation's property market remains stagnant, according to the Japan land ministry.


The ministry's annual survey showed that Japanese land prices were recovering somewhat after the blow from the Lehman Brothers bankruptcy in September 2008, helped by a moderate economic recovery and government subsidies for housing.


Average Japanese land prices fell 3.7 percent in the year to July 1, compared to the 4.4 percent decline recorded a year earlier.


Average residential prices posted a 3.4 percent annual fall, also moderating from a 4.0 percent drop a year earlier.


Average commercial land prices fell 4.6 percent in the year to July 1, after a 5.9 percent fall a year before.


Tokyo, Nagoya, Osaka

In the country's three biggest metropolitan areas -Tokyo, Nagoya and Osaka - land prices slid 3.2 percent, falling for a second straight year but at a a slower pace than the previous year's 6.1 percent.


Average residential land prices in the three urban centres slipped 2.9 percent, showing signs of steadying after a 5.6 percent fall a year earlier, as prices in some popular areas came down far enough to attract fresh demand.


Average commercial land prices in the big metropolitan areas fell 4.2 percent, compared with an 8.2 percent annual drop a year before, buoyed in part by demand for investment purposes.


Average land prices outside the three metropolitan centres fell 3.9 percent in the year to July 1, little changed from the 3.8 percent decline posted a year before.


Source: Reuters (Edited by Bear Logi)

+ Mitsubishi Japan to develop 120,000 m2 commercial facility in Yokohama Japan - (21/09/2010)

Mitsubishi Estate will launch the construction of a commercial facility in Minato Mirai 21 (MM21) area in Yokohama Japan in March 2011. The commercial property will have six floors above ground and four below with 117,000 m2 of total floor space. The company is aiming for completion in mid-February 2013 for opening in spring 2013.

Source: Nikkei

+ Tokyo Logistics Event Opens - (16/09/2010)

The 2010 Japan Logistics event ‘LogisTech’ has opened in Tokyo at the Tokyo international Exhibition Center. The event is Asia's leading Material handling & logistics exhibition and is held every 2 years.

GLP Tokyo
Global Logistics Properties Stand

Mapletree Japan Tokyo Logistics Event
Mapletree Stand

Prologis Logistics Event Tokyo
Prologis Stand

A number of industrial real estate companies that operate in Japan are China are exhibiting including ProLogis, GLP and Mapletree.

In addition to these logistics real estate companies there were a various Japanese logistics equipment suppliers offering everything from software to hardware solutions.

eco forklift
Sumitomo Corporation Hybrid Forklift

The event finishes on Friday 17th September.

Source: BearLogi

+ P&G invests in 106,000m2 Logistics Property in China - (16/09/2010)

P&G has built a new $130 million logistics distribution center that will be P&Gs largest Asian distribution center, in Guangzhou, China. The industrial real estate project reflects P & G's commitment to increase investment in China.

The new distribution center in Guangzhou will not only serve the Chinese market but also will serve P & G in South-East Asia and Pacific Rim region.

china distribution centre

The logistics property is 106,000 square meters, with a total storage capacity of 138,000 pallets. 

P&G China Warehouse racking

It features advanced information management systems, real-time stock control to improve supply chain reaction time. 

Hi Tech Logistics China

Other features include improved storage efficiency of 30%, electric picking equipment that uses 48% less energy and a modern Logistics Control Center.

Source: Summary of story from P&G

+ Taiwanese investor acquires Tokyo apartment block - (15/09/2010)

In further signs that foreign investors are returning to the Japan real estate market, a investor based in Taiwan purchased ‘Across Ginza’. The rental apartment building is located in Ginza a high end retail precinct in central Tokyo.

The purchase price was between 1.3 and 1.4 billion yen [$15 million and 16 million USD] and the cap rate was in excess of 6%.


Source: Nikkei

+ YCH Supply Chain to develop USD 40 million Logistics Property in China - (15/09/2010)

Supply Chain Company YCH Group has started development of a new industrial logistics property complex in Xiamen, China.


The new logistics park is known as the “XPD-YCH DistriPark” is located in Xiamen, China. As part of a Joint Venture with the Xiamen Port Development (“XPD”) Co. Ltd, a 609,000 sq. feet state-of-the-art, two-storey ramp-up logistics facility being developed to service the various manufacturers and suppliers located within and nearby Xiamen city.


Strategically located in the Xiamen Xiangyu Bonded Logistics Park next to the bustling SeaPort of Xiamen, the USD 40 million project is estimated to be completed by the end of 2011.


Source: Summary of YCH press release

+ Investors return to Japan Real Estate - (13/09/2010)

Foreign investors are acquiring Japanese property assets as the Japanese real estate sector recovers.


Key deals of foreign investors acquiring Japanese real estate assets since late last year:




DEAL SIZE (approx USD$)

U.S. Fortress

Property-related loans


Germany SEB Asset Mgmt

Shopping mall


Singapore Mapletree

Logistics facilities


DeutscheBank's DBBKGn.DE RREEF

Office building


Hong Kong's HKR Int'l



Hong Kong's Keck Seng 






* U.S. Blackstone plans to acquire Morgan Stanley property loans worth $1.1 billion.

* Singapore's CDL Hospitality seeks acquisitions in Vietnam, India and Japan, with plans to invest up to $423 million in new hotels.

* Mapletree Investments, a property firm owned by Singapore state investor Temasek Holdings, plans to launch a Japan property fund worth nearly $1 billion.

* U.S. Franklin Templeton is raising $300 million for a real estate funds to invest in Asia, including Japanese property debt.

* Asia-focused fund investor Pacific Alliance Group expects to invest as much as $500 million in Japan for the next year or so from $200 million now.

* LaSalle Investment Management plans to invest $3.3 billion in Japanese property over the next 18 months.


Source: Reuters



+ GIC logistics to launch $3 billion IPO  - (10/09/2010)

Singapore's sovereign fund GIC's logistics unit is reportedly launching an initial public offering which could raise up to $3 billion with investor roadshows starting Sept 23.


The IPO for Global Logistic Properties (GLP), potentially the biggest ever in Singapore since Singapore Telecommunications will likely be priced on October 8


Source: Reuters

+ China factory growth may slow to 10 % - (10/09/2010)

Annual growth in Chinese factory output will slow to 10 percent in the second half of this year, a government official said on Tuesday.


Beijing's drive against property speculation will reduce demand for everything from steel and cement to furniture.


Industrial production grew 13.4 percent in the year to July. The ministry had previously said factory output growth would slow to just above 10 percent in the second half of 2010.


Source: Economic Times

+ TNT China introduces electric delivery fleet - (09/09/2010)

TNT, the leading global international express company, today unveiled the industry’s first pure electric vehicle fleet in China.

The fleet further bolsters the company’s efforts to reduce carbon emissions in the express industry and has received strong endorsement from the Shanghai government.

Initially comprised of five vehicles, the electric vehicle fleet is produced by Dongfeng Motor, one of China’s leading automobile manufacturers. The vehicles are entirely locally sourced, including design, manufacturing and assembly.

After a successful three-month trial operation, the fleet is now fully operational in Shanghai. Designed to meet the distinct operational requirements of the express industry, these zero-emissions vehicles are powered by lithium batteries and feature high-tech monitoring systems that record power consumption data during operation, allowing for continuous optimisation for delivery routes.

TNT’s global objective is to improve its CO2 efficiency by 45% by 2020.


Source: TNT

+ Japan Logistics Fund, sales amount 5.6% up & operational profits 8.3% up - (09/09/2010)

According to Japan Logistics Fund’s announcement on 7 September 2010, the business performance (REIT) for the period from 1 February 2010 to 31 July 2010 is as follows: 4,834,000,000 JPY of sales amount (year-to year +5.6%), 2,549,000,000 JPY of operating profits (+8.3), 2,276,000,000 JPY of current profit (+7.9%) and 2,725,000,000 JPY of profit of the term (+8.0%).

As results of Japan Logistics Fund’s acquisition of Narashino Logistics Center II (7,875,000,000 JPY) and completion of a new warehouse building in the project to rebuild Daito Logistics Center, Japan Logistics Fund invests in real estate of 27 properties etc. in total (total amount of acquisition 125,825,000,000 JPY) and the total assets is 127,652,000,000 JPY at the end of this term.

Forecast for investment status for the period from 1 August 2010 to 31 January 2011 is as follows: 5,382,000,000 JPY of sales amount (+11.3%), 2,888,000,000 JPY of operating profits (+13.3), 2,556,000,000 JPY of current profit (+12.3%) and 2,555,000,000 JPY of profit of the term (+12.3%).

Forecast for the period from 1 February 2011 to 31 July 2011 is as follows: 5,439,000,000 JPY of sales amount (+1.1%), 2,794,000,000 JPY of operating profits (-3.3), 2,488,000,000 JPY of current profit (-2.7%) and 2,487,000,000 JPY of profit of the term (-2.7%).

Source: Japan Logistics Fund, Inc

+ Japan Logistics Real Estate best performer of J-REITS - (08/09/2010)

The following is a list of the best performing listed Japanese Real Estate entities (J-REITs) over the past three years. Japan Logistics Real Estate was the best performing property class highlighting its stability even through the financial crisis. Investors seem to appreciate the stable cash flow benefits, long term leases and structural drivers that keep logistics properties in demand in Japan.


J-REITs with the best performing real estate over the last three years to December 2009

 1Japan Logistics Fund, Inc. (3.9%)

 2Starts Proceed Investment Corporation. (2.4%)

 3Advance Residence Investment Corporation. (1.5%)

 4Frontier Real Estate Investment Corporation. (0.9%)

 5United Urban Investment Corporation. (-0.1%)


J-REITs with the best performing real estate over the last two years to December 2009

 1Japan Logistics Fund, Inc. (4.6%)

 2Starts Proceed Investment Corporation. (2.7%)

 3Frontier Real Estate Investment Corporation. (0.3%)

 4Industrial & Infrastructure Fund Investment Corporation. (0.2%)

 5Fukuoka REIT Corporation. (-0.1%)


J-REITs with the best performing real estate over the last year to December 2009

 1Japan Logistics Fund, Inc. (8.0%)

 2Frontier Real Estate Investment Corporation. (4.2%)

 3Fukuoka REIT Corporation. (3.6%)

 4Starts Proceed Investment Corporation. (3.5%)

 5United Urban Investment Corporation. (3.5%)


Source: IPD with comments from BearLogi

+ Midsize Japanese Developers resume investment in Tokyo - (07/09/2010)

Tosei Corp. will resume buying land for development, as well as existing structures, after having suspended such activities when the recession brought sales screeching to a halt.


This property in Chuo Ward marks just the beginning of Tosei's planned purchases.

Convinced that the market is recovering, the midsize real estate firm plans by the end of next year to acquire properties to be sold for an aggregate of 50 billion yen.


Tosei recently bought a condominium development site in Tokyo's Chuo Ward and is also set to acquire a dozen parcels, including one in the capital city's Mitaka, for condo development.


Tosei's shopping list also includes office buildings, condos and commercial facilities, mostly in greater Tokyo. Up until now, the firm has upgraded purchased properties for resale to businesses and investors. The company will focus initially on buying smaller properties then perform major makeovers and sell them to homebuyers.


Source: Summary of Nikkei story

+ Chinese Stimulus Package - (06/09/2010)

The government should accelerate state-backed construction projects that have already been started, the country's powerful planning agency said in a statement on its website on Wednesday.


The National Development and Reform Commission said any investment projects forming part of the government's 4 trillion yuan ($585 billion) stimulus package should be launched before the autumn. The package, a two-year investment plan, was announced in November 2008.


Source: Reuters

+ Bilateral trade between China & Japan - (06/09/2010)

Preliminary statistics indicate that China has edged past Japan to become the world's second biggest economy, with the United States remaining the world's biggest by far.


Japan's second-quarter unadjusted GDP totaled $1.2883 trillion on a nominal dollar basis, against China's second-quarter unadjusted GDP of $1.3369 trillion.


The GDP of Japan and China combined account for about 17 percent of the world's total output.


China-Japan trade rebounded in the first half of 2010 after slumping in the global financial crisis. The two countries' bilateral trade reached 12.6 trillion yen ($149.2 billion) in value in the first half, a jump of 34.5 percent on the same time last year, according to Japanese statistics. Two-way trade between China and Japan totaled 21.7 trillion yen in 2009.


China has been Japan's biggest trading partner since 2009.


Source: Reuters

+ Japan Logifield Research Institute. Inc held a logistics property seminar - (06/09/2010)

Japan Logifield Research Institute Inc. (President : Mr. Toshiaki Tsuji), who does consulting and business matching etc. for logistics market, held a logistics property seminar for logistics operators.

Logifield Japan

The contents of the seminar were, the actual status and possibilities on the strategy for international shipping hubs in Japan presented by Mr. Tsuji, the demand change in domestic Japanese logistic property market presented by Orix Real Estate, and logistics developments in China.

The seminar was hosted by Logistics Investment Department of Orix Real Estate Corporation and the next one will be held in coming December 2010.

+ ECO-MAnufacture Japan 2010, Sep 15th-17th - (03/09/2010)

Tokyo Japan Exhibitor's Product and Technology Seminar

The Society of Chemical Engineers, Japan and Japan Management Association are proud to extend an invitation to "Exhibitor's Product and Technology Seminar" which will be held during ECO-MAnufacture 2010. These provide exhibitors with an expanded forum for presenting their latest products, technologies and services. The seminar will be a unique opportunity to convey the advantages of your company's offerings in detail and compound the effectiveness of your exhibition.

Exhibition: ECO-MAnufacture 2010

Date: September 15 (Wed.) ~ 17 (Fri.), 2010

Venue: TOKYO BIG SIGHT (Tokyo International Exhibition Center, Japan)

Organized by: The Society of Chemical Engineers, Japan

                   Japan Management Association

Scale: 200 companies / 300 booths (planned)

Number of entry: 16,000 specialists (expected)

Entrance fee: JPY 1,000 (tax included)
*Free admission with an invitation ticket, for students, and for overseas visitors with their passports.

Source: JMA

+ LOGIS-TECH TOKYO 2010 - (03/09/2010)

LOGIS-TECH TOKYO 2010 key word focus will be on “Eco-Friendly” and “Global”!

Japan Management Association and 6 related organizations, will hold LOGIS-TECH TOKYO 2010, at Tokyo Big Site, for 4 days, from Tuesday, September 14th, 2010. 

It is the only trade show in Japan that focuses on logistics management and distribution systems,  highly important for economic activities. 

Every two years, LOGIS-TECH TOKYO 2010 has been held since 1994, and this year marks the 9th anniversary of the show. The main theme is, “Logistics innovation pioneers the future - environmental harmony and globalization-”, Variety of products and services related the theme will be gathered at the show to support logistics management activities.

This year features several lectures regarding issues on Logistics in Asian countries including:

1.Eco-Friendly Packing System

2.Global Logistics Solution

3.Safe and Eco-Friendly Truck Transportation

4.ConferenceLogistics in major Asian countries

The show is the largest in Asia with, 400 companies and 1,800 booths. 125,000 professionals are expected to visit from a wide range of industries as well as management executives mainly from manufactures and distributors.


+ Senko opens build to suit distribution centre in Osaka - (02/09/2010)

ProLogis a Global provider of industrial real estate and distribution facilities has successfully completed a new built to suit the warehouse in Osaka, Japan known as ‘Prologis Maishima IV’.

The industrial property is located in Maishima Osaka and was built for Senko Co. as a base for new storage and shipping for the company in the Kansai region.

"ProLogis Maishima IV" Overview & Features

Name:    ProLogis IV Maishima

Location:             1-4-53, Konohana-ku, Osaka 

Site area:             Approximately 19,559m2(approximately 5,916 tsubo)

Total floor area:   Approximately 63,922m2 (approximately 19,336 tsubo)

Structure:            RC + S Building, 05 stories above ground

Groundbreaking: September 2009

Completion:         August 2010


- Ramp access to second floor

- Total of 54 truck berths (floor 1 and 3)

- 6 dock levelers

- 2 cargo elevators

- 14 vertical cargo lifters

- 5 passenger elevators

- 100 car parking spaces

- "CASBEE Osaka" A Class.

Source: Prologis and Senko press releases

+ Tokyo Outer Ring road, to resume acquiring land between Nerima & Setagaya - (02/09/2010)

The Tokyo Outer Ring Road project that had been effectively suspended last year in a regime change has once again started to move with land acquisition in Tokyo. However, with a project cost ranging from 2.2 trillion yen the final outcome of the project is far from certain.


The outer ring road has a total length of about 85 km and the new 16km section between Nerima and Setagaya in western Tokyo is expected to reduce travel times to the Tomei Expressway. The new section of road is also estimated to reduce carbon dioxide (CO2) by around 300,000 tons a year.

tokyo loop road

Source: Summary of article that appeared in Nikkei

+ Dutch Pension Fund to increase real estate investment in Asia - (01/09/2010)

APG, which manages about 250 billion euros for the largest Dutch pension fund, says it plans to increase its real estate investment in Asia by one billion euros in three to five years. The Netherlands-based pension fund manager, which has four billion euros of real estate assets in the region, plans to invest in residential properties in emerging markets such as China and India to profit from rising housing demand. APG aims to increase its allocation in Asia to 24% of assets, from 21% recently, in the next three to five years. Currently, about 80% of APG’s real estate investment in Asia is allocated to developed countries including Japan, Australia, Hong Kong, Singapore and Korea.

Source: Bloomberg

+ $1 Billion Japan Property Fund to be launched - (01/09/2010)

Mapletree Investments plans to launch a USD300 to 500 million Japanese property fund this year as it looks to expand in the country’s property sector. The Japan Business Space Fund will own, with leverage, a portfolio worth USD1 to 1.5 billion of business-related properties such as data centres, call centres, research and development facilities and office buildings just outside of Central Tokyo and the fringes of other big cities in Japan. Mapletree will take a 20% to 40% stake in the fund, which is expected to be launched by 4Q 2010.

Source: Reuters

+ French Bank to increase asian real estate finance - (01/09/2010)

Societe Generale plans to more than double the amount it lends on property in Asia according to Bloomberg news. The French bank will increase its property allocation to the Asia region to 20% by 2012. Half of the increase will be in Japan where price declines have made property an attractive investment. Asian economic growth outside Japan continued to be strong which underpins a lot of real-estate activities. The bank also said there was a concern in the region that if the market picked up there may not be enough finance available to meet demand.

Source: Bloomberg

+ Japan Logistics fund allocates 7 billion yen to real estate trust beneficiary right - (31/08/2010)

Japan Logistics Fund has announced that it is borrowing seven billion yen to allot to acquisition capital and related cost of the real estate trust beneficiary right (Ichikawa distribution center ) on August 30.

They borrowed three billion yen from Mizuho Corporate Bank (for a period one year), two billion from Chuo Mitsui Trust (for a period one month), 2 billion yen form Mitsubishi UFJ Trust (for a period one month).

The balance of liabilities with interest before borrowing is 30.2 billion and after borrowing would be 37.2 billion which indicates that the balance of liabilities with interest will increase to 7 billion yen.


Bank borrowing

(1) Mizuho Corporate Bank (period one year)

amount of loan: JPY 3 billion

Interest rate: one month JPY TIBOR+0.200%

date of loan: September 2, 2010

payment deadline: August 31, 2011

Method of borrowing/repayment: Unsecured loanunguaranteed / lump-sum payment

(2) Chuo Mitsui trust Bank (period one month)

amount of loan: JPY 2 billion

Interest rate: one month JPY TIBOR+0.200%

date of loan: September 2, 2010

payment deadline: September 30, 2010

Method of borrowing/repayment: borrowing under commitment line contract in August 2, 2010 Unsecured loanunguaranteed / lumpsum payment

(3)Mitsubishi UFJ trust Bank (period one month)

amount of loan: JPY 2 billion

Interest rate: one month JPY TIBOR+0.200%

date of loan: September 2, 2010

payment deadline: September 30, 2010

Method of borrowing/repayment: borrowing under commitment line contract in August 2, 2010 Unsecured loanunguaranteed / lumpsum payment

+ Kawanishi Warehouse to sell Nagoya land - (31/08/2010)

On 30 August 2010, Kawanishi Warehouse Co., Ltd. announced that it intends to sell 1,599.22 m2 of land at Irifune, Minato-ku, Nagoya. The carrying value of the land is 1 million yen and currently leased as a pay parking lot).

Source: Kawanishi

+ Japan Logistics Fund: Ichikawa Logistics Center II - (30/08/2010)

Transaction Analysis

Key Points of the Transaction

· Property name: Ichikawa Logistics Center II

· Announcement/contract date: 12 August 2010/3 September 2010 (anticipated)

· Buyer/Seller: Japan Logistics Fund (JLF) J-REIT / ProLogis (Ichikawa II SPC)

· Interest acquired: 90% of Trust Beneficiary Interest (TBI)

· Acquisition price: JPY 17.415 bn. (90% of TBI)

· Reported NOI: JPY 978 mn. (90% of NOI)

· Reported NOI cap rate: 5.6%

Key point 1: second transaction with ProLogis since their pipeline support plan on 31 August 2009

Key point 2: regarded as one of the best logistics facilities in the Tokyo Metropolitan Area

Key point 3: the best property in the JLF portfolio in terms of value & quality (Casbee “A” rated)


Property Details

Building quality

High specification M/T facility (Grade S)


5 (two spiral ramps accessing all floors)


76,842.37 sqm/73,886.66 sqm


9 October 2009 (<1 year old)


100% (2 tenants)



Source: Japan Logistics Fund (J-REIT)


Site Details


Chiba Prefecture, Ichikawa City, Takahama-machi 1

Land area

38,727.25 sqm

Closest IC

Adjacent to the Chidori-cho IC on the Wangan Metropolitan Expressway

Location premium

Prime (for Tokyo)




200% / 70%

Lease Details


Leased Area

Lease Term

TOMY Co. Ltd

57,112.86 sqm

10 year fixed-term lease (until 1 November 2019)

JR East Logistics Co. Ltd

16,773.80 sqm

7 year fixed-term lease (until 31 May 2017)

WALE (on area)

approx. 8.5 yrs.

TOMY Co. Ltd., a major toy manufacturer, uses the subject property as its nationwide distribution centre, while JR East Logistics Co. Ltd uses the subject property as a distribution centre for its convenience stores in and around the major JR railway stations in the Tokyo metropolitan area. The subject property, therefore, is functionally vital for the logistics needs of these major Japanese firms.


Valuation Summary


JPY 18.3 bn. (100% of TBI)


Tanizawa Sogo Appraisal Co. Ltd.


31 May 2010

Discount rates (NCF)

5.0% (Yrs. 1~9) and 5.1% (Year 10)

Terminal cap rate (NCF)


Direct cap rate (NCF)


Cap rate analysis

· the Ichikawa leasing market is a strong market with high demand from occupiers, and if space becomes available it is usually released quickly;

· according to broker opinion the current market rents (effective) in this area for Grade A/S facilities like the subject property are about JPY 3,900 per Tsubo/month;

· based on the reported NOI of JPY 978 mn. for the JLF interest, the current passing rent for the subject property equates to approximately JPY 4,660 per Tsubo/month (assuming an OER of 15%);

· this rent is regarded as extremely high and is potentially not the effective passing rent;

· the “true” NOI cap rate of this transaction is probably closer to 5.0% assuming rents revert downwards to current market rents upon expiry of the existing leases about 8.5 yrs. from now.


JLF’s NOI (90%)

JPY 978 mn. (as reported)

JLF’s acquisition price (90%)

JPY 17.415 bn. (as reported)

Implied NOI cap rate

5.6% [JPY 978 mn. / JPY 17.415 bn.]

Property NOI (100%)

JPY 1.086 bn. [JPY 978 mn. / 90%]

Gross passing rent (15% OER)

JPY 1.250 bn. [JPY 1.086 bn. x 1.15]

Passing rental rate

JPY 4,660 per Tsubo/month [1.250 bn./12/22,350 Tsubo]

Gross market rent

JPY 1.046 bn. (at JPY 3,900 per Tsubo/month)

Property NOI at market rents

JPY 910 mn. [JPY 1.046 bn. / 1.15]

JLF’s NOI (90%) at market rents

JPY 819 mn. [JPY 910 mn. x 90%]

Implied NOI cap rate at market rents

4.7% [JPY 819 mn. / JPY 17.415 bn.]

True NOI cap rat

5.0% (assuming reversion to market rents in 8.5 yrs.)

Supporting this opinion, the independent appraiser that valued the subject property on 31 May 2010 applied a 5.0% NCF cap rate, which is approximately equivalent to a 5.1% NOI cap rate. Furthermore, this analysis does not account for any potential related party discounts between ProLogis and JLF which could imply that the open market price is even higher than what JLF has paid for it.


According to a source close to the subject property, this property would have been valued at about a 4.50 ~ 4.75% NOI cap rate at the top of the market in late 2007. Therefore, based on this prime Tokyo logistics transaction, the prime Tokyo logistics NOI cap rate has decompressed by less than 50 basis points since late 2007.

The JLF Narashino II transaction in February 2010 demonstrated that the prime Tokyo logistics NOI cap rate has decompressed by no more than about 50 basis points since late 2007. Although the quality of the JLF Narashino II property and the subject property are very similar compared to the rest of the JLF portfolio, the subject property would be regarded as more attractive to an investor due to its location, age & construction quality; tenant covenant strength, and WALE.

This transaction demonstrates that the prime Tokyo logistics cap rate currently stands at around 5.0% NOI and has compressed slightly since February.

Commentary: courtesy of Pelham Higgins SCA Japan Representative.

+ Singapore warehouse and logistics facility sold to Industrial REIT - (27/08/2010)

Singapore's AIMS AMP Capital Industrial REIT plans to buy a Singapore industrial property, which includes a warehouse and logistics facility for S$161 million ($118.8 million).


The property has an initial net property income yield of 7.7 percent and AIMS AMP Capital will finance the acquisition from debt and equity.


AIMS AMP was formerly known as MacarthurCook Industrial REIT.


The property

* 5-storey ramp-up warehouse and logistic complex with a 9-storey annexed office block
Strategically situated within the Jurong Industrial Estate, one of the largest and most established industrial estates in Singapore

* Close proximity to Jurong Port, PSA Singapore Terminals, Jurong Island, complementary industrial facilities such as container yards, and the central business district of Singapore

* Serviced by two major expressways – Pan Island Expressway and the Ayer RajahExpressway, and accessible by public transportation via Jurong East Mass Rapid Transit Station

* Master lease to C&P Holdings with underlying end users including global logistics service providers such as DHL, CEVA, Kuehne + Nagel, Geodis and Yamato Transport

+ LaSalle Investment acquires Japanese Outlet Mall - (23/08/2010)

LaSalle Investment Management Inc. a leading real estate investment advisor announced the purchase of "Nasu Garden Outlet" located in Tochigi, north of Tokyo.

LaSalle Investment Management acquired Nasu Garden Outlet, an outlet mall in Nasu-Shiobara City, Tochigi Prefecture through its special purpose company, this is the LaSalle’s second investment in an outlet mall in Japan, following Chitose Outlet Mall Rera, which the company developed in Hokkaido.


Property Name: Nasu Garden Outlet

Opened: July 2007

Location : Shiobara City, Tochigi Prefecture, Japan

Site area: 193,070m2

Total floor area: 33, 117 m2

Retail Store area: 21, 306 m2

Number of stores:110                

Parking: approx. 3,000 cars, buses 20

The facility features a resort-type facility Outlet featuring Ladies, Mens, Kids, sports, outdoor goods, fashion goods, household goods, hobby goods and food .         

Home page:

Source: LIM

+ Japan Rail Freight trend summary - (18/08/2010)

Record-setting heavy rain in mid-July has caused water-covered rail tracks and landslides  in Hiroshima and Yamaguchi, and soil loss the northern part of Tohoku region. As a result at total of 270 of high-speed freight trains and specialized freight ones were cancelled.

Regarding Japan freight movement, a recovery of corporate activity due to domestic and international demand increases and a record spell of hot weather in July in eastern Japan increased demand of seasonal products such as refreshing beverages and home electric appliances. Despite being influenced by natural disaster, as a whole, the month of July has grown over the previous year.

Regarding container cargo, although consolidated cargo was strongly influenced by the natural disaster falling below that of the previous year, automobile parts, pulp and paper have risen over the previous year, growing 104.5% over last year. The transportation of automobile parts has sharply increased because of the rebound of adjusted production from last year. Home electronic appliances like air conditioners etc has been strong due to extreme heat. As for agricultural products, fruits and vegetables rose over the previous year for the first time since October 2008 due to the shipment of government-controlled rice.

Regarding reserved freight cars, cement and limestone fell below the previous year and as a whole, 95.7% over last year.

Source: JR Freight

+ Sagawa Global Logistics signs lease on Yokohama industrial property - (12/08/2010)

Sagawa Global Logistics Co., Ltd. signed a lease contract for Yokohama Logistic Park (YLP) located at Daikoku-cho, Tsurumi-ku, Yokohama. Sagawa Global Logistics Co., Ltd. is going to move into the whole 6th floor of YLP, approximately 13,500m2 (approximately 4,100 tsubo).

Sagawa Global Logistics Co., Ltd. will be the first tenant for YLP after the completion in April 2009. In the future, Sagawa Global Logistics Co., Ltd. is welcomed to lease the other area of this facility. As well, the 1st to 5th and 7th floor are still available for leasing.

Source: RICM

+ Japanese machinery orders slow as economy cools - (11/08/2010)

Japanese machinery orders rose less than forecast in June, a sign that companies may be holding off on spending as the nation’s export-led recovery cools.


Orders, an indicator of business investment in three to six months, gained 1.6 percent from May when they dropped 9.1 percent, the biggest decline since August 2008, the Cabinet Office said today in Tokyo. The median forecast of 25 economists was for a 5.4 percent gain.

 Profits of exporters from Toyota Motor Corp. to Nissan Motor Co. are under threat from the rising yen, which is approaching a 15-year high against the dollar just as global demand starts to cool. Bank of Japan Governor Masaaki Shirakawa said yesterday that while companies have been coping with the yen’s advance, the central bank is aware of the risk it poses to the nation’s recovery.


“Factory orders could slow in the third quarter,” said Naoki Tsuchiyama, a market economist at Mizuho Securities Co. in Tokyo. “We need to be cautious as Asian demand, which drove Japan’s recovery since April 2009, is clearly slowing.”


Slower growth in China and the U.S., Japan’s biggest markets, may be a drag on Japan’s export-led recovery. The world’s second-largest economy probably expanded at annualized 2.3 percent in the three months ended June 30, slowing from a 5 percent expansion in the first quarter, according to the median forecast of 18 economists surveyed by Bloomberg News.


The strong yen also may derail the recovery in corporate earnings. Companies are becoming cautions about increasing output amid growing uncertainty over the economic outlook in the U.S. and Europe.  


The Cabinet Office today forecast orders will increase 0.8 percent in the three months ending Sept. 30 after they rose 0.3 percent in the second quarter.


Source: Bloomberg

+ Japan plans to invest to strengthen key ports - (11/08/2010)

The transport ministry has chosen ports in two regions to promote as international shipping hubs through concentrated investment, but the sites face rough waters in the race to catch up with huge Asian rivals.


An expert panel of the ministry chose the Keihin region (Tokyo, Yokohama and Kawasaki ports) and the Hanshin region (Kobe and Osaka ports) as key strategic container ports.


Transport minister Seiji Maehara said Friday the government will focus funding and deregulation efforts to strengthen the capabilities of the two regions so Japan can return to "the status of a maritime nation."


The goal is to boost freight-handling volumes to grab top posts in the world from fast-growing, low-cost Asian rival ports, such as Busan and Singapore.


Assessing proposals from four regions, the expert panel gave 769 points out of the full 1,000 to Hanshin and 729 to Keihin.


Two other regions--Isewan (Nagoya port and Yokkaichi port in Mie Prefecture) and northern Kyushu (Hakata and Kita-Kyushu ports in Fukuoka Prefecture)--failed with 553 and 277 points, respectively.


For Keihin and Hanshin, the government will increase the state share of funding for port facilities improvement projects to deal with large cargo vessels.


It also plans to reduce fixed asset taxes for the two hubs alone after their port operators are privatized.


A bill to revise the Ports and Harbors Law to expand interest-free lending to port operators will also be introduced to the Diet next year.


But the ports' future is not rosy. Maehara admitted earlier that Japanese ports are "two laps behind" their overseas rivals.


The Hanshin region proposed improving inland container depots and support for container ship construction, which it said would help the ports regain most of the freight now flowing out of western Japan to Busan.


But it has yet to find funding for those programs.


The region also proposed privatizing the operators of Kobe and Osaka ports and integrating them, but no specifics have been set on how to merge operations of the export-oriented Kobe and import-heavy Osaka.


The Keihin region also plans to privatize the Yokohama Port Public Corp. and integrate it with the already privatized Tokyo Port Terminal Corp.


While it says unified operations and use of private-sector capital will help cut terminal rent fees by 40 percent, other major plans, such as a new Yokohama pier under construction, largely count on state funding.


Japanese ports ranked high globally until the 1980s, but by 2009, even Tokyo port had fallen to 26th, with freight volume only one-seventh of the first-ranked Singapore.


Source: Asahi

+ Sankyu, to open a new logistics center in Osaka Nanko - (10/08/2010)

Due to the acquisition of 3PL business and expansion of cargo volume in Kansai region, Sankyu Inc. is to open a “Nanko Naka DC” a new industrial warehouse property in Osaka Nanko in September.

This center is a leased facility which was constructed by AMB Property Japan, Inc. Together with “Nanko Logistics center” (24,670 m2) and ”General Distribution Center” (8,904 m2) located in the same area, it will be a base of Sankyu’s 3PL business in Kansai region, as well as an important base of international 3PL centering on China and Southeast Asia. It will continue to provide the most appropriate logistics service meeting the customers’ needs, not only domestically, but also internationally.

Nanko Naka DC Overview

Name: Sankyu Nanko Naka DC

Address: 6-3-15, Nanko-naka, Suminoe-ku, Osaka-shi, Osaka

Warehouse area: 9,443 m2

Handling cargo: General consumer goods such as apparel

Source: Sankyu

+ China’s Urbanization expected to fuel economy - (09/08/2010)

Accelerated urbanization can keep the country's economy on the fast track for another 15 to 20 years, as more than half of its population will live in cities and towns by 2015, a top Chinese think tank said on Thursday.

The country's urbanization rate will hit 52 percent in 2015 and grow to 65 percent by 2030, the annual report on urban development by the Chinese Academy of Social Sciences (CASS) showed.

By the end of last year, the urbanization rate already hit 46.6 percent, with 620 million people living in cities and towns, the CASS reported.

"The growth potential of the vast middle and western regions, together with the rapid development of small cities and towns, could keep the economy on the fast track for at least 15 to 20 years," Wei Houkai, director of the center for China's regional development at the CASS, told China Daily.

The urbanization rate during the country's 12th Five-Year Plan period (2011-2015) will grow by 0.8 to 1.0 percent each year, the academy reported.

That means more than 10 million rural residents will move to cities and towns annually - a process that is expected to contribute 4 percentage points to the country's GDP growth each year.

Lu Jing, vice-president of Hong Kong-listed R&F Properties, said at a recent forum that he was quite optimistic about the long-term prospect of China's real estate industry, despite short-term adjustment because of recent tightening policies.

Last year, the disposable income of the urban population stood at 17,175 yuan per capita, but the net income of the rural population was 5,153 yuan per person.

Li Bingren, chief economist of the Ministry of Housing and Urban-Rural Development, said earlier that he expects China's urban infrastructure fixed-asset investment to top 1 trillion yuan ($146 billion) in 2010.

The country's rapid urbanization will result in the accelerated construction of urban public facilities, involving a total investment of up to 7 trillion yuan during the 12th Five-Year Plan period, Li said.

But imbalances in the process mean that the quality of the urbanization may be affected.

More attention will be given to the improvement of migrant workers' living standards, construction of environmentally friendly cities and building of city clusters in the next five-year plan, the CASS reported.

Source: China Daily

+ China widens property stress tests - (09/08/2010)

Chinese regulators have demanded stress tests on a wide range of industries, including cement and steel, whose fortunes are closely tied to the property market, according to Shanghai Securities News. 

It did not provide any details about the tests, but said they were part of a broader investigation into the economy's ability to withstand falls in property prices. China's banking regulator has ordered lenders to test the impact of an up to 50 per cent fall in house prices in key cities where prices have risen sharply, banking and regulatory sources said on Thursday.


Source: Reuters

+ Japan’s Current Account Surplus Falls 18.2% in June - (09/08/2010)

TOKYO - Japan's current account surplus fell 18.2% from a year earlier in June, the Ministry of Finance said Monday, as a higher trade balance could not offset a lower income surplus.

The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.047 trillion in June before seasonal adjustment, finance ministry data showed.

The result was worse than the median forecast for a 1.5% increase in the surplus to Y1.299 trillion in a survey of economists by Dow Jones Newswires and the Nikkei. In May, the surplus fell 8.1% to Y1.205 trillion.

Japan's exports rose by 29.2% from a year earlier in June, while imports gained by 29.6%, the data showed.

The current account measures trade in goods, services, tourism and investment. It is calculated by determining the difference between Japan's income from foreign sources against payments on foreign obligations and excludes net capital investment.

Source: Nikkei

+ Green Oak to target Japan distressed property - (06/08/2010)

Three of the world's most accomplished real estate bankers have set up Green Oak Real Estate ahead of an expected surge in distressed loan disposals, asset firesales and mortgage-backed security (MBS) workouts in its core target markets of Europe, Japan and the United States.


GreenOak has secured $110 million of seed capital, comprising a $10 million working capital loan and a $100 million co-investment commitment from Amsterdam-listed investment company Tetragon Financial Group Limited (TFG.AS), the closed-ended investor said in a statement on Monday.


GreenOak is initially likely to focus on securing advisory mandates in complex property restructuring cases across Europe and make an immediate play for distressed physical real estate and mortgage buys in Japan as a principal investor, market sources said.


Source: Reuters

+ New industrial property to be developed in northern Japan - (05/08/2010)

ProLogis an industrial real estate developer announced a new build-to suit distribution facility in Miyagi Prefecture Japan. The property will be known as "Tomiya ProLogis II". Miyagi co-operative will use of the facility when completed.



"ProLogis Tomiya II" is located in Tomiya-cho, Kurokawa-gun, Miyagi Prefecture, adjacent to Sendai. The industrial property is located about 1km from the Expressway interchange making it a convenient location for transportation logistics. After its completion in May 2011 the new facility will act as a base for delivery to six northeastern areas of Japan.


Facility Features

High efficiency - Equipped with a highly efficient temperature control system and centralized management system for a thorough quality control.


Environmentally friendly warehouse - Connection for electric vehicles, regenerative cooling, desiccant air conditioning, LED lighting, power standby and demand control.


Ensuring safety - Separating vehicles and trucks to ensure a safe movement, parking control, installation of security systems and cameras.


Barrier-free - Improved environment for wheelchair users.

Miyagi Warehouse

Property Overview

Name:                  ProLogis Tomiya II

Location:             Tamati Shigeru, Tomiya, Kurokawa-gun, Miyagi 9-7-4

Site area:             29,807m2 (approximately 9,016 tsubo)

Total floor area:   17,033m2 (approximately 5,152 tsubo)

Structure:            Steel frame, two stories above ground

Groundbreaking:  August 2010

Scheduled to be completed: May 2011


Source: Prologis

+ India freight rail gets loan from Japan - (03/08/2010)

India has received assistance from the Japan International Cooperation Agency, who signed a loan worth US$18.5 million to help develop the country's freight rail network.

It is the largest amount of ODA loan ever allocated by Japan to a single project, and will help build 552km of rail tracks for freight traffic in the country between Delhi and Mumbai.

The freight railway line will include automated signals and full communication systems. The loan will also fund high-speed trains for freight transportation and an initial review of the basic infrastructure design and tender preparation process.

This cooperative implementation by Japan and India will hopefully be a new symbol of partnership between the two countries.

Source: ProcurementAsia

+ China overtakes Japan to be to become the world's second-largest economy - (03/08/2010)

China has overtaken Japan to become the world's second-largest economy after the United States, the country's chief currency regulator said in remarks published on Friday.

The economy expanded 11.1 per cent in the first half of 2010, compared with a year earlier, and is likely to log growth of more than 9 per cent for the whole year, according to Yi Gang, head of the State Administration of Foreign Exchange.

"China, in fact, is now already the world's second-largest economy," he said in an interview posted on his agency's website,

Yi said China's growth rate, which has averaged more than 9.5 per cent a year over the past 30 years, was bound to slow over time. If China could chalk up growth this decade of 7-8 per cent annually, that would still be a strong performance.

The issue was whether fast growth can be sustained, he said.

If China expands by 5-6 per cent a year in the 2020s, it will have maintained rapid growth for 50 years, which Yi said would be unprecedented in human history.

He said expectations of a stronger yuan, also known as the renminbi, had diminished. There was no basis for a sharp rise in the exchange rate, partly because the price level in China had risen steadily over the past decade.

Yi's remarks carried an echo of a report by the International Monetary Fund which said the Chinese authorities viewed the yuan right now as closer than ever to equilibrium.

Source: Reuters

+ Japan's unemployment rises - (02/08/2010)

Japan's unemployment rate rose to 5.3 per cent in June, rising by 0.1 percentage points from the previous month, government data showed on Friday.

The rate was higher than market expectations of 5.1 per cent, in an indication of the headwinds that Japan's fragile economic recovery faces.

Other data showed Japan's core consumer price index fell 1.0 per cent in June from a year earlier, marking the 16th straight month of decline.

The drop in core prices, which exclude volatile fresh food prices, was slightly smaller than market expectations of a 1.1 per cent decline as deflation continues to drag on recovery in the world's second-largest economy.

The internal affairs ministry also released June household spending data, showing average household spending in June was 0.5 per cent higher on-year and 2.9 per cent higher than the May.

Source: AFP

+ Orix REIT acquires Tokyo building for Y6.3bn - (02/08/2010)

Orix JREIT acquired the Orix Meguro Building in Meguro, Meguro-ku, Tokyo for 6.35 billion yen [$70 million]. The seller was A.T.S. YK, which was financed by Orix Real Estate. The building has ten stories above ground and one below with 11,119 m2 of total floor space and 6,119 m2 of rentable floor space.

Source: Nikkei

+ China Investment Corp increases net profit to $41.66 billion - (30/07/2010)

China Investment Corp, China’s the country's $300 billion sovereign wealth fund, increased its net profit last year to $41.66 billion from $23.1 billion in 2008.

CIC, founded in late 2007, made a positive return on its overseas investments last year of 11.7 percent. The fund made new overseas investments last year of $58 billion.

If the domestic portfolio of State-owned financial institutions is also taken into consideration, the fund has made a return on registered capital of 12.9 percent, it said.

The fund accelerated its investment activities since May 2009 as the global economy began to show signs of recovery. That compares to its strategy in 2008, when the fund kept the bulk of its assets in cash to limit losses amid the worsening global financial crisis.

Source: China Daily

+ Japan’s Exports continue to recover - (28/07/2010)

Japan has seen sustained growth in shipments in June despite a rising yen.

Japan's exports rose for the seventh straight month due to machinery and steel products, climbing 27.7% from a year earlier to US$67.2 billion. The country had depended on Asia for recovery, particularly China. 

The demand for iron and steel products grew by more than 46% in the month, while machinery exports soared 50%. Meanwhile, motor vehicle shipments rose by 40%, AP reported.

Imports in the month also rose 26.1% to US$59.3 billion, leading to a trade surplus of US$7.9 billion.

However, economists are expecting exports to slow in the coming months as governments across the world start focusing on controlling spend and debt.

Source: AP

+ Tokyo Tatemono starts construction of project in Nakano, Tokyo - (27/07/2010)

In June 2010, five companies started construction on the former site of the Nakano National Police Academy. The five companies are Tokyo Tatemono, Kajima, Shoei, Nippon Tochi-Tatemono and Toda, which jointly acquired the land for 143.7 billion yen [$1.6 billion] in 2007.

Source: Nikkei

+ Sagawa opens new Tokyo delivery branch - (26/07/2010)

Sagawa Express Co., Ltd., established a new branch in Tama Hills on July 21st. 

This takes the total number of Sagawa's Japanese domestic branches to 361 stores.

Tama, Kawasaki Branch

Location: 2-9-11 Ikuta, Tama-ku Kawasaki, Kanagawa

(Kawasaki, 15 minutes from IC)

Open from: July 21 (Wed)

Outline of a facility: Covers an area of 2,824.44 M2

Total floor area: 1,679.79 M2

(Contract only the ground floor)

Field sales office: Steel frame

Personnel: 43

Fleet number: 25 units (including mini-cars)


* Featured pickup area

Tama Hills is an area dominated by nature also many residential areas. Sagawa anticipates baggage delivery and mail-order goods to more than 200,000 people.


+ Kerry Logistics to build 3 warehouses - (23/07/2010)

China - Kerry Logistics has planned to build three more facilities in Mainland China by 2011 as part of its plans to strengthen its fashion logistics network in the country.

The facilities will be built in Shanghai, Chongqing and Kunshan.

The market share of foreign retail brands in China will increase from 20% to 40% in 2014, says Global Insight, a US provider of economic and financial intelligence.

Kerry Logistics is currently managing over 40 fashion and retail companies, most of which are international brand leaders.

"We also offer a wide range of value-added services to our clients to meet the specific requirement of the Mainland China market, from Garment-On-Hanger, Chinese information tagging and Chinese care labelling to pre-retail preparation, quality control and store stock taking," says Kevin Lam, director of key account and assistant regional director of sales in Mainland China for Kerry Logistics.

Source: Procurement Asia

+ Foreign Investors focus on China’s real estate - (22/07/2010)

China's property market has seen soaring investment from foreign institutional investors, driven by strong expectations of renminbi appreciation this year.

According to CB Richard Ellis, the value of property transactions in 15 Chinese cities has hit 49.9 billion yuan ($7.36 billion) in the first-half of this year, among which 19.4 billion yuan came from foreign institutional investors, 10.2 billion yuan from Hong Kong, Taiwan and Macao, and the remaining 20.3 billion yuan from mainland investors.

"Affected by the financial crisis, foreign investors were inactive last year and domestic investors dominated the market. But due to better liquidity and expectations of renminbi appreciation, the situation is just the opposite this year," said Danny Ma, senior director of CB Richard Ellis Research China.

Industry experts say the renminbi will probably appreciated 3 percent this year.

LaSalle Investment Management, a real estate fund, for instance, has been actively seeking opportunities in China, particularly in second-tier cities. Though the fund raised $2 billion last year, it made no investments at all in 2009. But top management said that they will definitely reach a deal in China this year.

"We are now in talks with several projects in the commercial and industrial sectors," Eric Au, China director of LaSalle told China Daily on Thursday.

Savills Beijing said their foreign clients have shown much stronger interest in investing in China's properties, mainly in the office and retail sector.

Source: China Daily

+ Senko Co,. Ltd completes new warehouse, Kanazawa PD Center - (21/07/2010)

Logistics service in Hokuriku district is expanded in productivity. Senko Co., Ltd established Kanazawa PD Center and started to operate in July 13. Senko in Kanazawa used to operate industrial warehouses at 7 places in Kanazawa and Nonoichi city. Because of the decay in the buildings, need in the hub to reorganize and industrial expansion, 3 of the warehouses were combined to build the new warehouse.

Senko in Kanazawa was mainly working for Kawakami Butsuryou, dealing with textile and food industry; however, by taking this opportunity they intend to enlarge more in distribution vender (manufacture and wholesale) and the number of customer in merchandise. Moreover, by taking advantage of the good location to access to Kanazazwa, Komatsu, and Shiroyama city, Senko plan to set up the delivery net work in order to provide high quality delivery service.

Property Outline

Property name: Kanazawa PD Center

Adress: 570-1, Murai-chou, Shiroyama-city, Ishikawa-ken

Site area: 14826m2

Structure: S(SRC for 4 floors), fire-resistant building

Total floor space: 15385m2( Warehouse12,859m2truck yard1,799 m2office and etc 727 m2

Starting date: July 13, 2010

Facilities: 2 vertical goods elevator, 1 goods elevator (floor loading 3.5), 2 dock leveler 

+ Kuehne + Nagel Group turnover increases 15.9% - (20/07/2010)

During the first half of 2010, the Kuehne + Nagel Group’s volume development exceeded the market average in all business units, with accelerated growth in the second quarter. Compared with the previous year’s period, turnover increased by 15.9 per cent to CHF 9,849 million. The operational result (EBITDA) grew by 1.9 per cent to CHF 475 million while net earnings improved by 8.9 per cent to CHF 281 million.

Kuehne + Nagel Group

First half 2010

First half 2009

CHF million









Gross profit



Operational result (EBITDA)






Net earnings




+ Large Tokyo Industrial Property 85% leased - (15/07/2010)

LaSalle Investment Management announced that the occupancy rate of Logi Port Nagareyama exceeded 85%. The company signed new lease agreements for 10,000 tsubo [33,000 m2] in total with logistics and other companies between April and June 2010 for the logistics facility. The remaining 5,600 tsubo [18,000 m2] of space is currently being advertised for tenant companies.

Source: Nikkei

+ DHL launches new LCL Service from India to Los Angeles - (14/07/2010)

DHL has announced the launch of its new direct Less than Container Load (LCL) service from Nhava Sheva, India to Los Angeles, USA. Operated by Danmar Lines, DHL's in-house carrier, the new service will facilitate trade between India and the USA and offers customers services with a reduced transit time of 26 days between the two ports.

"The US is India's 2nd largest export partner and 3rd largest import partner. The launch of this direct LCL route connecting Nhava Sheva to Los Angeles will further facilitate foreign trade between the two countries and support the growing needs of small and medium enterprises. This service will enhance the strong global connectivity offered by DHL's extensive LCL network and will help customers expand and strengthen their supply chain in the India-USA trade lane," said Amadou Diallo, Chief Executive Officer, South Asia Pacific, DHL Global Forwarding.

Christoph Remund, Chief Executive Officer, DHL Lemuir Logistics Pvt. Ltd., added, "The launch of DHL's new LCL service from Nhava Sheva to Los Angeles is strategically planned in time to meet the growth of foreign trade amidst the global economic recovery.  DHL dedicates substantial resources to continue developing and maintaining highly effective services that include traditional LCL services and multi-vendor buyers' consolidations for shipments sourced from single and multiple countries," he added.

 "DHL recently launched an LCL consolidation weekly service from Cochin to Colombo, and with the introduction of this new service, we have further strengthened our network and ocean freight service offerings to support the needs of our customers.  To offer cost-effective and innovative solutions to customers, we are constantly looking for opportunities to extend our LCL service offerings while contributing to the thriving Indian economy," said Sanjay Tejwani, Director – Oceanfreight, DHL Global Forwarding India. 

Source: Transport intelligence

+ APL Logistics, Sumitomo Warehouse Co., form alliance - (12/07/2010)

APL Logistics today announced a strategic alliance with Japan’s Sumitomo Warehouse Co. to jointly market global supply chain services.

Under the agreement, Osaka-based Sumitomo will offer its warehousing and other logistics capabilities in Japan to APL Logistics customers. APL Logistics, part of Singapore’s NOL Group, will make its global services available to Sumitomo customers. The alliance partners said they’ll jointly market services and offer preferential rates to clients.

“We’re delighted with this alliance because it dramatically strengthens the capabilities of both organizations,” said Jim McAdam, President of APL Logistics. “What’s more, it permits us to support each other through business leads and joint sales efforts with a broad international client base.”

The alliance brings together two top names in supply chain management. APL Logistics provides origin, destination and transport services to multinational clients in major world markets. Century-old Sumitomo provides a range of supply chain services in Japan emphasizing integrated distribution.

Source: APL Logistics

+ DHL Global Forwarding and Freight to have multi-modal solutions in China - (08/07/2010)

DHL Global Forwarding and Freight to have multi-modal solutions in China

DHL's Global Forwarding and Freight division has decided to roll out a suite of solutions which will combine air, road, rail and sea transportation to move cargo from China to the rest of the world.

Through this, it will help ease the capacity shortage for air and ocean freight from China. It will also help companies to significantly reduce transport costs by 20-50% and carbon emissions by up to 89%.

Hermann Ude, CEO of DHL Global Forwarding and Freight says multi-modal solutions will shape the future of logistics as companies look for ways to reduce their carbon footprint and transport costs.

"China's ongoing investments in infrastructural development - road, rail and world-class international flight connectivity - have opened up new possibilities for scheduled, reliable and flexible door-to-door services through the combined use of different transport modes," he adds.

Source: DHL

+ Distribution facilities in the Tokyo Bay area three properties acquired - (07/07/2010)

LaSalle is the world's leading real estate investment advisor Investment Management, Inc. (Nasdaq: Chicago, Illinois, Chief Executive Officer: Jeff Jacobson, the "LaSalle") today announced the composition of the La Salle SPC TMK Beipuropati Tokyo , the Tokyo Bay area distribution facility three properties acquired and released.


LaSalle positioned real estate assets with stable income distribution,2001since, actively investing in logistics facilities has. So far the country of 35distribution facilities in the property investment experience,we have been contributing to the management efficiency of domestic enterprises due to off-balance.Demand for efficient logistics facilities in large underlying strength to continue, and a growing willingness to invest in Japanese real estate investors abroad logistics, "LaSalle Japan Logistics Fund "through the operation of the future,one and a half years approximately1,000-1500we plan to invest 100 million yen.


LaSalle Investment Management Co. Executive Officer (Logistics Division), Yoshikawa,Yosuke, "The logistics of this facility three properties but was introduced as a first sale of nonperforming loans on collateral,location, tenants, building design and scrutinized results, judged sufficient to meet our investment criteria, led to obtain.ability to leverage and asset management expertise that we have detailed the distribution facilities, this3-up value of the property value We the future has been secured for a variety of domestic bad loans will continue to actively promote the acquisition, including the foundation for the development of high quality logistics facilities, "he says.

+ DHL and National University of Singapore launch sustainable Supply Chain Centre - (06/07/2010)

DHL and The Logistics Institute - Asia Pacific (TLI – Asia Pacific) of the National University of Singapore (NUS),  have announced the establishment of the S$3 million Sustainable Supply Chain Centre of Asia Pacific (SSCCAP). 

The Centre will create practical business tools for the industry to establish benchmarks in areas of sustainable logistics solutions, involving research and education.

Paul Graham, CEO, DHL Supply Chain Asia Pacific, commented: "Given the projections for supply chain logistics growth in the region, there is a need for an Asian focus on sustainability. As a leading logistics company, DHL sets industry standards with its Group-wide GoGreen climate protection program, which aims to improve the company's carbon efficiency.  Through high-level research, surveys, conferences and forums, the Centre will create new tools, best practices and know-how that will put the region at the leading edge of innovative sustainability practices."

Opening in July 2010, the SSCCAP will be hosted at TLI – Asia Pacific at the National University of Singapore. TLI – Asia Pacific has a strong reputation in the industry and has established solid industry and customer links. Partnering the Georgia Institute of Technology in the US, TLI – Asia Pacific already offers a Logistics Double Masters and Masters in Supply Chain Management program. 

Source: DHL

+ Real estate trust balance drops by Y600billion - (05/07/2010)

The total value of real estate securitized through trust bank accounts was 25.8 trillion yen [$280 billion] as of March 2010. This fact was contained in the "Entrustment Overview" announced by the Trust Companies Association of Japan. The balance decreased by 600 billion yen [$6.6 billion] compared with one year ago. The real estate trust balance has been decreasing since the survey conducted in March 2009. 

+ Number of real estate investment trusts (REITs) in Asia expected to expand - (02/07/2010)

HSBC expects the number of real estate investment trusts (REITs) in Asia to surge over the next 3 to 4 years due to demand for more risk-averse property investments.

Asia is seeing increased activity in the REIT IPO market this year, with the successful listing of Cache Logistics Trust (CALT.SI) in Singapore, while Sunway City (SWCB.KL) plans to list its REIT in Malaysia in July.

"I see proliferation of REITs, absolutely. I think we'll have twice as many REITs in Asia as we do today in the next three or four years," according to Jason Kern, at HSBC.

Kern expects Singapore to see the most activity, with around 20 more likely to be listed there in the next 3-4 years from companies all around Asia. Singapore has more than 20 listed REITs.

Australia could see a few more, while Malaysia is showing signs of growth, he added.

REITs invest in mainly commercial property and pay rent collected from their properties to shareholders as dividend and hence, some investors see them as safer investments than property stocks.

REITs also usually offer returns that are higher than yields of government bonds.


In terms of opportunities in Asia, Kern said emerging markets, such as China and India offered huge potential. However Kerns comments that China has been a frustrating market for people to invest in just because it is more opaque. There are much bigger hurdles in terms of tax, friction, in terms of getting capital in and out of the country.

He also noted that the capital going into India has dried up quite a bit for the moment but it will come back when the overall market improves.


As for Japan, currently Asia's largest real estate sector and the world's second-biggest economy, it is a different story with tens of billions of dollars worth of maturing debt coming up in the next year or so.

"For those there salivating over the potential distressed opportunities, it's been less than people expected," Kern said. "The firesales haven't really happened to a large extent."

Source: Reuters

+ ULI Japan's Young Leaders Event in Roppongi on Thursday, July 22, 2010 - (27/06/2010)

Amid the stabilizing financial market and growing confidence for economic recuperation, the ULI Japan Young Leaders Group would like to invite you to a speaker event featuring Andy Hurfurt, Executive Director – CBRE Consulting, who will share his views on the latest real estate market conditions.


Date: Thursday, July 22, 2010

Place: Roti Roppongi – American Wine Bar and Brasserie

(Piramide Building 1F, 6-6-9 Roppongi, Minato-ku – 03-5785-3671)


19:15-19:30    Reception

19:30-20:15    Course dinner with 2.5 hours “nomihodai”

20:15-20:30    Introduction

20:30-21:15    Market Presentation

21:15-21:30    Q & A Session



ULI Japan Website

TEL: 03-5297-6132

+ Japanese Logistics Market by the end of Q1 2010 - (21/06/2010)

Japanese economy

All economies in the Asia Pacific region continued their growth trends over the second half of 2009, with some nations seeing acceleration in economic expansion. Only Japan’s outlook remains relatively fragile compared with the rest of the region. While the Japanese economy had experienced three consecutive quarters of GDP growth by the end of 2009, this comes after some major declines in late 2008 and beginning of 2009.

Japan’s exports increased by 5.0% from Q3 2009, and the unemployment rate dropped to 4.9% by the end of the year. In February 2010, exports grew at the fastest pace in about three decades and have improved noticeably in comparison to a year ago. However, they are still some 25% lower than their 2008 level. Growing demand in China and elsewhere in Asia is helping Japanese companies, and this might minimize an economic slowdown in the coming months as government stimulus measures fade.

Economists generally expect that the Japanese economy will continue on its gradual upswing, despite a moderate dip forecast for Q1 2010. With rising exports to China continuing to drive growth in Japanese industrial production, the Government has lifted its view on the nation’s economy.


Source: Ministry of Economy, Trade and Industry

The recent strengthening of the yen has fuelled concerns for the export reliant Japanese economy. However, with Beijing expected to let its currency appreciate, this could benefit the Japanese economy going forward as a stronger Yuan will make foreign goods more affordable in China. Japan is China’s top source of imports, with China importing some US$131 billion worth of Japanese goods in 2009.


Japanese real estate market

There are growing signs that the real estate market of the Asia Pacific have bottomed. Japan remains the region’s largest investment market, accounting for almost 40% of total investment volumes in 2009. From Q4 2009 sentiment began to improve noticeably in the Japanese real estate investment market. This increased into 2010 amid a brisk flow of small and medium sized transactions. However, investor attention is focused primarily on prime office and retail assets.

After struggling since early 2008, the J-REIT market started to show signs of recovery in the second half of 2009. This was due mainly to support from the Kanmin fund, a Public-Private Real Estate Market Stabilization Fund with total capital expected to reach JPY 450-500 billion. The Fund has been welcomed by the market as it has alleviated refinancing concerns for some J-REITs. Continued government support, mergers and new sponsors are all expected to help prevent a J-REIT sell-off and further deteriorations in asset values.

Logistics real estate sector

Demand for high quality, large scale logistics facilities remains strong in Tokyo. According to CB Richard Ellis the average vacancy rate for large scale multi-tenant logistics facilities declined to 14.2% at the end of 2009. Likewise, vacancy rates for facilities one year and older decreased to 6.8%, which marked the second consecutive quarterly decline in Tokyo. This suggests that demand for high quality logistics space is starting to increase in the nation’s capital, driven mainly by virtually no new supply of modern warehouse space since the GFC.


Source: CB Richard Ellis

Tokyo logistics vacancy rates are unlikely to increase further in the short-term with no significant new supply planned in the near future. Average asking rents in the Greater Tokyo area have not shown any sign of recovery since declining in mid-2008. Nevertheless, demand still exists for large scale facilities from companies planning to consolidate and even to relocate to nearby higher quality facilities.

The following logistics real estate transactions have taken place since the start of the year:

·            On 4 February 2010, the Japan Logistics Fund J-REIT acquired a 90% interest in a prime logistics property in Narashino, Chiba Prefecture, from ProLogis. This was the first transaction between the two parties since the announcement of their pipeline support plan on 31 August 2009, and marked the first J-REIT transaction of a logistics asset in a year. The reported NOI cap rate of 5.9% translates to about 5.2% at current market rents, based on brokerage opinions.

·            On 19 March 2010, the Industrial & Infrastructure Fund J-REIT sold its interest in the IIF Funabashi Logistics Center in Funabashi, Chiba Prefecture, to Dream Logistics Fund for a price consideration of JPY 9.02 billion from a related party. The NOI cap rate is estimated to be about 6.3%.

·            On 30 March 2010, Orix J-REIT acquired the Sakai Logistics Center in Sakai City, Osaka Prefecture, for a price consideration of JPY 10.2 billion from a related party. The reported NOI cap rate was 6.1%.

According to CB Richard Ellis, “prime” Tokyo logistics cap rates currently stand at 5.5% NOI with some compression expected from the end of 2010.

In a sign of increasing investor interest in the Japanese logistics real estate sector, a wholly owned unit of Mitsubishi Corporation has created an unlisted real estate fund specializing in logistics facilities. The assets are worth about JPY 23.4 billion, and the fund is to be operated for five years.



Having weathered the global credit crunch and the ensuing economic downturn, economies in the Asia region have emerged in good shape relative to the rest of the world. This has been mainly due to Chinese economic growth. However, the Japanese economy has not been as quick to respond as the rest of the Asia Pacific region.

The first few months if 2010 have seen further tangible improvements in sentiment in the local real estate investment market, with more capital coming back to Japan in search of quality assets.

The Japanese economy still remains fragile and highly dependent on export growth to the rest of the region. Greece’s sovereign debt woes and its potential effects on sovereign debt markets around the world, especially in Europe, have added to concerns about a sustainable global economic recovery for the world’s second largest economy.


Source: Pelham Higgins, SCA Japan Representative

+ Parkway Life REIT Acquires six new nursing properties in Japan - (16/06/2010)

Parkway has acquired six Japanese properties located in Kyushu for a purchase price of approximately JPY3.9 billion.
The acquisition of the nursing properties is expected to be completed by 24 June 2010.
The Properties have an expected net property yield of 8.08% and have new 20-year operating lease agreements, back-up operators and
rental income guarantees. The property purchase was funded by 5-year unsecured Japanese yen facility at an attractive rate of 2.0

Source: Parkway

+ New Europe Industrial Real Estate Fund Formed - (15/06/2010)

The Australian Industrial Property developer GOODMAN Group has further expanded its footprint into Europe via a $1.3 billion joint venture with CB Richard Ellis Realty Trust.

There will be two new structures, one in Britain and the other in continental Europe. The two funds will focus on buying and investing in industrial real estate - warehouses and distribution hubs. 

The fund will invest only in sites where there is a pre-committed tenant.

Under the scheme Goodman would contribute 20 per cent with CBRE Realty Trust putting in the remaining 80 per cent on a passive investment basis.

Source: SMH

+ Japan Industrial Property Transactions - (15/06/2010)

Bear Logi reports the following industrial property transactions that have occurred in the first quarter of 2010 in Japan.

Transaction Example 1

Key Points

·   Announcement/contract date: 4 February 2010/2 March 2010

·   Property name: Narashino Logistics Centre II

·   Buyer/Seller: Japan Logistics Fund (J-REIT) / ProLogis (Narashino III SPC)

·   Interest acquired: 90% of Trust Beneficiary Interest (TBI)

·   Price: JPY 7.875 billion (90% of TBI)

·   Reported NOI: JPY 517 million (100% of NOI)

·   Reported NOI cap rate: 5.9% (based on 90% of the NOI)

·   Key point: first J-REIT transaction for almost a year

·   Key point: first J-REIT transaction of a high-specification multi-tenant logistics facility

·   Key point: first transaction since announcement of their pipeline support plan on 31 August 2009

·   Key point: quality of the subject property is superior to the average quality of the JLF portfolio


Property Details

Building quality

High specification




49,809.58 sqm/48,009.85 sqm


20 January 2008 (2 years old)


100% (3 tenants)




Photograph of the Subject Property

Transaction Example 2

Key Points

·   Contract/transfer date: 9/19 March 2010

·   Property name: Funabashi Logistics Centre

·   Buyer/Seller: Dream Logistics Fund (SPC) / IIF (J-REIT)

·   Interest acquired: Trust Beneficiary Interest (TBI)

·   Price: JPY 9.02 billion

·   Book value: JPY 8.50 billion (as at 19 March 2010)

·   NOI: JPY 566 million

·   NOI cap rate: 6.3%

·   Key point: related party deal due to Mitsubishi Corporation relationship to both buyer and seller


Property Details

Building quality

Mid-high specification




42,336 sqm/42,180.24 sqm


19 July 2007 (4 years old)


100% (2 tenants)




Photograph of the Subject Property

Source: Pelham Higgins, SCA Japan Representative

+ Japanese machinery orders climbed 4% from March to April - (10/06/2010)

Japan - Japanese machinery orders climbed 4% from March to April, a sign that companies are ready to start spending again as the recession eases.

Higher spend by companies and consumers would help bolster a recovery that is driven by exports and hindered by deflation, reported Bloomberg.

Hitachi Ltd. and Tokyo Electron Ltd. are some businesses benefiting from a recovering global demand, leading them to forecast better earnings and invest in plant and equipment.

"Capital spend is moving out of the trough as a result of improving corporate profits," said Chiwoong Lee, senior economist at Goldman Sachs Group Inc. in Tokyo. "We see continuing improvement centred on manufacturing."

The Cabinet Office is noticing a pick-up in machine orders, after orders stopped falling last month. Compared to a year earlier, they have risen 9.4%.

+ Toll acquires Asian cargo unit from QANTAS - (09/06/2010)

QANTAS appears to have abandoned plans to become a significant player in the Asia-Pacific air freight market after offloading a business it once dubbed a ''great building block for expansion''.


The sale of DPEX Worldwide to Toll Holdings has also raised expectations Qantas could sell its stakes in two poorly performing freight enterprises to Australia Post.

Qantas declined to reveal what it sold DPEX for, other than to say it made a ''small profit'' on the sale. When the airline bought the business for $S40 million in May 2007, it trumpeted plans to accelerate the expansion of its freight operations.


Source: SMH

+ Japan’s economy may have bottomed - (09/06/2010)

Japan's economy hit bottom in March 2009 after a 17-month downturn that began in October 2007, according to the Japanese Cabinet Office.


The office set the recent business cycle's lowest point provisionally at March 2009 based on the views of the Working Group of Indexes of Business Conditions, an expert panel.


The nation's economy, which began to sag in October 2007, turned sharply down in fall 2008 following the collapse of Lehman Brothers, the panel said.


The speed and steepness of the downturn were at an unprecedented level, the panel said.


The rate of the decline, which shows the gap between the peak and trough of the coincident index, was the second-largest since the 1980s, when comparable figures were available.


The worst figure was marked during the post-bubble downturn in the early 1990s.


A majority of 11 economic indicators began to pick up in April 2009, and the real gross domestic product has kept rising from the April-June 2009 quarter.


Source: Asahi


+ Hong Kong Air Cargo up 47%! - (08/06/2010)

Air Cargo volume in Hong Kong is surging towards record highs for the trade hub, up 47% year over year, and at the highest level in two and a half years.


Hong Kong handled 354,000 metric tons of freight in April, the strongest volume since November 2007, and 38 percent better than the airport reported the same month a year ago amid the steep downturn in global trade.


With some 230,000 metric tons of exports, outbound volume also was the strongest since November 2007.


The latest data was also 4.5% higher than the previous month, March. Moreover, Cathay Pacific (293 HK) recently reported data to confirm the above, highlighting a substantial tightening of capacity utilization year over year:


The two airlines [Cathay & Dragon Air] carried a total of 152,808 tonnes of cargo and mail last month, up 24.1% on April last year. The cargo and mail load factor was 79.3%, a rise of 13.6 percentage points, while capacity, measured in available cargo/mail tonne kilometres, was up by 6.4%. For the year to date, tonnage has risen by 24.1% compared to a capacity increase of 1.1%.



+ Property prices in Japan may be near the bottom - (08/06/2010)

Property prices in Japan may be near the bottom because transactions are picking up as loan default rates begin to decline, said Yuji Hashimoto, a director at Standard & Poor’s.

“We’ve started to see some property transactions taking place at about 20 to 40 percent discount,” said Hashimoto, director of the structured finance ratings division at S&P in an interview in Tokyo. “This tells us that the impact of loan default for the property prices is likely to be limited going forward and property prices may have bottomed.”

The percentage of default in loans backing commercial mortgage backed securities rated by the U.S. rating company narrowed to 19 percent in the first quarter, a second straight decline, a report by S&P dated May 7 showed. The default rate shrank from a peak of 63 percent in the third quarter last year.

Investors including Chuo Mitsui Trust & Banking Co. and CLSA Capital Partners have said they will invest in real estate in Japan this year after the nation’s commercial land prices fell to the lowest in at least 36 years. At least 115 billion yen ($1.25 billion) of properties backing CMBS have been sold by special servicers as collateral since the second quarter of 2009, according to Fitch Ratings.

“The best time to invest is before things hit bottom, because if everyone were to agree we are right at bottom, they would all come rushing back in,” said Buddy Ferrie, a general manager of the investment division at property consulting firm Colliers Halifax in a phone interview in Tokyo. “If you have a longer term outlook, now is a very interesting time to be looking.”

Loan Refinancing

Japan’s commercial land prices declined 6.1 percent in 2009 from a drop of 4.7 percent a year earlier, the Ministry of Land, Infrastructure, Transport and Tourism said in a report in March. Values are at their lowest since the ministry began collecting comparable data in 1974.

Faced with decline in property prices, building owners are injecting capital to refinance loans or returning properties to lenders as collateral when loans are coming due or being reviewed by banks.

Shinsei Bank Ltd. sold Pacific Century Place, an office building adjacent to the Tokyo station, after K.K. DaVinci Holdings, the owner of the building, failed to repay loans. Secured Capital Japan Co., an investment management company, bought the building for 140 billion yen, 30 percent less than what DaVinci had paid three years earlier.

“Larger loans are more likely to be rescued or receive extension of repayment because many people believe that it is not wise to sell large properties in the current market conditions,” said S&P’s Hashimoto. “As a result, they are less likely to default.”



+ JVC sells their office and factory for Y6.3bn - (07/06/2010)

AV equipment manufacturer Victor Company of Japan (JVC) will sell its main office 

and factory in Moriyacho, Kanagawa-ku, Yokohama City for 6.33 billion yen [$68 

million]. The buyer is real estate company SG Realty, an affiliate of logistics 

company Sagawa Express. JVC will vacate the main office and factory and relocate 

by December, but the company’s new location has not been decided.

+ Sanritsu rent new 1.6491 square meter warehouse at Hachiouji - (04/06/2010)

Sanritsu corporation anounced that it will have a lease contract for fixed assets.

Facility of New Hachiouji warehouse (2969-2 Ishikawa-cho, Hachioji, Tokyo) which has 8265.01㎡ area of land, and  16491.15㎡ architectural area. Total of lease fee is 3,548billion yen(tax excluded).

The lessee is Hachioji facility development Special Purpose Company which is 100% Daiwa house industry's affiliate company

With the warehouse to be newly built in Hachioji as a inland main hub, Sanritsu is going to target consolidating offices' function around Hachioji and expansion of operations by new business acquisition. Making use of the lease, it will promote effective of funds. Leasing will start on April 1, 2011.

+ Investment interest trend continues to recover - (03/06/2010)

The results of the 22nd edition of the Japanese Real Estate Investor Survey were released by 

the Japan Real Estate Institute (JREI), a major appraisal firm. The number of investors 

who answered that they would "proactively make new investments" in the coming year 

has increased significantly, which made it very clear that investment interest is recovering.

Source: Nikkei

+ Mitsubishi Estate has started leasing of JP Tower - (03/06/2010)

Mitsubishi Estate announced that it has started leasing of the tentatively named 

JP Tower. The tower is currently under construction on the former site of the Tokyo 

Central Post Office in front of JR Tokyo Station. 

The company was selected as a contractor offering support in preparation for 

property management, as well for the leasing management of the retail space, 

through a bid held by Japan Post Network of Japan Post Group.

Source: Nikkei

+ Japan Housing starts increased 0.6% in April - (01/06/2010)

Tuesday afternoon MLIT announced new housing starts increased 0.6% to 66, 568 units in April, compared with last year and is the first increase in 17 months. MLIT stated “According to seasonally adjusted annual rate, we can see recovery on the whole, with August, 2009 being the worst point of the market.” However, MLIT sees the market in a state continuing to move back and forth.


Condominium units sales turnover was up 35.8% to 9,668 new condominium units. This reflected the construction of large apartment complexes in Tokyo after another, for the first time in 16 months.


Source: Nikkei

+ Kenedix to set up $110 mln Japan property fund - (01/06/2010)

 Japanese real estate asset manager Kenedix Inc (4321.T) said on Tuesday that it plans to launch a 10 billion yen ($110.8 million) private fund to invest in Japanese office and commercial buildings, in the latest sign that the country's property market is picking up.




Kenedix said the new fund, with a five-year management period, would use capital acquired from Korean pension funds seeking stable long-term returns.


The Japanese property sector was it by a price slump in the wake of the global financial crisis, but some market participants say that it has bottomed out and is gradually starting to improve. [ID:nTOE64901V]


Prior to the announcement, Kenedix's shares dropped 2.4 percent to a 12-month closing low of 20,000 yen. (Reporting by Mariko Katsumura)

+ GIC may list Japanese Real Estate Assets - (01/06/2010)

SINGAPORE—Government of Singapore Investment Corp.'s giant real-estate arm GIC Real Estate is considering an initial public offering in Singapore of its overseas assets, a person familiar with the situation said Wednesday.


"A final decision may be taken next month," the person said.


He said the sovereign wealth fund's real-estate arm is looking to list its Japanese assets, which includes ProLogis Holdings.


"If the deal happens it would be huge, multibillion dollars," the person said, adding that GIC Real Estate is talking to bankers about the IPO.


"They are still watching the market and the exact timing is yet to be decided given the recent volatility in the equities market," he said.


GIC Real Estate invests globally in real estate and real-estate-related assets outside Singapore. It manages a multibillion-dollar portfolio of direct and indirect property investments with close to 300 investments in more than 30 countries.


Its parent, GIC, manages Singapore's foreign-exchange reserves. It is the world's fourth-largest sovereign fund in terms of money managed, according to a recent report by Deutsche Bank. Its portfolio stands at more than 250 billion Singapore dollars (US$177 billion).


In 2008, GIC Real Estate spent $1.3 billion to buy the China operations of ProLogis as well as the 20% stake in the company's Japanese property that it didn't already own, with an aim to consolidate its existing portfolio in Japan and get a platform to expand its logistics property business in China.


"GIC Real Estate sees more advantages coming in through the IPO rather than having it unlisted," the person said.


Source: Wall Street Journal

+ Wal-Mart looks to reduce delivery prices - (28/05/2010)

Wal-Mart Stories Inc. is looking to take over US transportation services from suppliers to reduce delivery prices.


The company is contacting all manufacturers that provide products for the superstore. Their goal is to take over deliveries where it can do the same job for less and use the savings to reduce prices in stores, said Kelly Abney, vice president of corporate transportation of Wal-Mart.


"It has allowed our suppliers to focus on what they do best, manufacturing products for us," he said. He believed that with lower costs, there will be increased sales.


Wal-Mart is increasing the use of contractors and its own fleet of trucks to pick products up directly from manufacturers and transport them to its distribution centres and stores. Currently, the retailer only moves most goods from its distribution centres to their stores.


This will allow greater utilisation of the company's fleet of trucks and trailers and improve on-time delivery rates and help negotiate better fuel prices.


This is Wal-Mart's attempt to reach further back into the supply chain, to reduce the costs of goods sold so as to increase their gross margins.


Source: Bloomberg.

+ Global Logistic Properties Japan - Fukushima warehouse open day - (24/05/2010)

GL Properties Japan will hold an open day on May 26th for its logistics property known as "Koriyama GLP III" in Koriyama, Fukushima Prefecture.

This high specification industrial warehouse property is located near the Koriyama Interchange.

Open Day: May 26th (Wed), 10:00 to 16:00

Japan real property fukishima

Property Description 
Property name: Koriyama GLP III  
Address: 5-12 Yoshihisa Horinouchi, Mukaihara Koriyama, Fukushima Prefecture
Completed: 1993
Building Type: 4 floors above ground
Site area: 22,862 meters (6,915 tsubo)
Rentable area: office; 394 tsubo warehouse; 4,472 tsubo
Other: Floor load: Warehouse 2.0 ~ 2.1t /m with warehouse floor to ceiling height: 7.1 ~ 7.6m 
Availability: Now (some parts from October 2010)

More information is available from the GLP Japan website

Source: GLP Japan

+ Japan property investment seminar – lesson from the financial crisis - (23/05/2010)

"New insights into property investment - lessons from global financial crisis -"


IPD Japan will hold a Property Investment Seminar on Friday 18 June at Bell Salle Yaesu, Tokyo starting at 9.30 a.m.untill 13.00.


The event will discuss insights into property investment, which may be derived from the recent global financial crisis.


Guest speakers include:

-  Frank Khoo, Global Head of Asia, AXA REIM

-  Toru Matsumura, Executive Research Fellow, NLI Research Institute

-  Koichiro Obu, Director, RREEF Japan Research Head, Deutsche Securities Inc.

-  Chihiro Shimizu, Professor at Reitaku University

-  Nobuyuki Tanabe, Professor at Miyagi University

-  Nick Nabarro, Head of Derivatives and Business Development, Investment Property Databank/IPD


If you would like to attend please contact IPD on 03-5326-3051.

+ Japanese REIT property acquisitions exceed 150 billion yen - (21/05/2010)

The final months of 2009 and the first 3 months of 2010 have indicated a gradually improving Japanese REIT market (Real Estate Investment Trusts) with corresponding improvement in the financing environment. 

The improving demand driven by the REITs into the Japanese property market has resulted in sales for the January-March period 2010 at 90 billion yen while total acquisitions exceeded 150 billion yen. This number excludes 55 billion yen paid in April by Mori Trust for the 50% shared interest in the Tokyo Shiodome Building

Japanese REIT market

Source: Nikkei

+ New 150,000 m2 commercial development to open in Kyoto, Japan - (20/05/2010)

Commercial facility developer Aeon Mall, which is part of major Japanese retailer Aeon Group, will open a new commercial facility "Aeon Mall Kyoto" in front of JR Kyoto Station on June 4. The facility was completed by Japanese builder Shimizu, which took over the development from bankrupt developer Joint Corporation. Aeon Mall will handle the tenant leasing and property management.

KYOTO Aeon Mall is only 5 minutes walk from Kyoto Station so is expected to serve not only local residents but also foreign tourists. Total floor space is approximately 150,000 m2, with 50,000 m2 of total rentable shopping center.

The part six and seven-story Mall consists of two wings. The new commercial property features a 12-screen cinema complex which will be the largest Kyoto. The Mall will also include approximately 130 stores including restaurants, supermarkets and fashion retailers.

The commercial building features a number of green building initiatives including approximately 2,200m2 of green roof, LED signs and lights as well as rainwater storage tank capacity of 555 tons. The building has achieved a Japanese green building A rank.

AEON Mall currently operates 55 malls in Japan and the opening of the new Kyoto Mall Prefecture will be the third in Kyoto Prefecture.

Kyoto Japan Shopping Mall

Aeon Mall KYOTO (Photo: AEON MALL)

Development name: KYOTO Aeon Mall

Address: Minami-ku, Kyoto City

Land Size: 30,100m2,

Gross Floor Area: approximately 148,300m2, with 51,000m2 total rentable area.

Design and construction: Shimizu Corporation

Facility operator: Aeon Mall

Number of stores: 130

Opening: June 2010 (planned)

Major Tenant: KOHYO, Uniqlo, Sofmap, Ogaki Bookstore

+ CEVA to expand asian warehouse capacity - (19/05/2010)

Asia - CEVA Group plans to increase its capacity in Asia by expanding its warehouses in Malaysia, China, Australia, Indonesia and Thailand, said its Asia-Pacific president Vittorio Favati.


Favati says the company has nearly exhausted its capacity in Malaysia and plans to add 700,000-800,000 sq ft or 50% of their present warehouse space of 1.5 million sq ft.


CEVA is also looking to expand by 250,000 sq ft in China, 200,000 sq ft in Australia, 150,000 sq ft in Indonesia and 100,000 in Thailand. Meanwhile, India is expanding quite robustly with staff in India is expected to double this year.


CEVA is one of the world's top five logistics companies and is expecting to achieve higher revenue and profit this year.


Favati believes Asia is a promising market and CEVA is now taking the opportunity to increase their staff and systems in warehousing, freight and supply chain management.


Source: CEVA


+ China real estate prices continue to increase - (17/05/2010)

BEIJING -Real estate prices across China in April marked the largest year-on-year increase since monthly indexes started in July 2005.

According to the sales price index for buildings in 70 major to midsize cities released by China's National Bureau of Statistics on Tuesday, property prices were up 12.8 percent year on year, exceeding the 11.7 percent rise logged in March.

Real estate prices in most cities rose more sharply than a month before. Haikou and Sanya in the island province of Hainan saw prices surge 53.3 percent and 52.3 percent, respectively.

In Beijing, prices were up 14.7 percent, while Shanghai saw an 11.6-percent rise. However, the pace of growth slowed from March in Guangzhou and Shenzhen, both in Guangdong province.

Chinese authorities, trying to stem an inflationary bubble, adopted new policies in April to control speculative property purchases. For example, buyers are no longer permitted to finance a third home or condominium using a bank mortgage.

China's consumer price index in April advanced 2.8 percent year on year, logging its biggest rise since October 2008. The index is approaching the ceiling of "around 3 percent" set by Chinese authorities.

Source: Asahi

+ Tokyo real estate apartment sales increase for 3rd month running - (17/05/2010)

The Japan Real Estate Economic Research Institute announced on the 17th May that the number of newly-built apartments in the Tokyo metropolitan area was 3,214. According to the apartment market trend research in April this represents an increase of 22.6% compared with a year-ago and represents 3 consecutive months of increases.


The contract sales for April was 2,568 or 79.9%, a 15.2 point rise. Forecast sales for May are currently estimated at 3,900 apartments.


The research also indicated an increase in buyer interest, with a lot more Japanese people now who are considering to purchase.


Source: Nikkei

+ Yasuda Warehouse net income falls 10% - (15/05/2010)

Yasuda Warehouse, a Japanese warehouse, logistics and real estate company has reported a net income decrease of 1.4 billion yen. This represents a 10 percent decrease on last year’s result. The decrease is related to a decrease in transaction volumes in the distribution business, and by a downturn in their real estate holdings.


Sales fell 7 percent to ¥ 32.4 billion. The logistics business, which contributed to operating earnings during the previous year suffered from reduced fees and a reduction in handling of international cargo. Operating income was down 12% to 2.6 billion yen.


Source: Yasuda Warehouse

+ New insights into property investment - lessons from the global financial crisis - (15/05/2010)

The 7th Annual IPD Investment Seminar will be held on Friday 18 June at Bell Salle Yaesu, Tokyo starting at 9.30 a.m. untill 13.00. 

This years event will discuss what are the new insights into property investment, which can be derived from the recent global financial crisis.

Guest speakers include;

-       Frank Khoo, Global Head of Asia, AXA REIM

-       Toru Matsumura, Executive Research Fellow, NLI Research Institute

-       Koichiro Obu, Director, RREEF Japan Research Head, Deutsche Securities Inc.

-       Chihiro Shimizu, Professor at Reitaku University

-       Nobuyuki Tanabe, Professor at Miyagi University

-       Nick Nabarro, Head of Derivatives and Business Development, Investment Property Databank/IPD

Please call IPD Japan on 03-5326-3051 for more details.


+ Trusco Nakayama to expand warehouse distribution in Japan - (12/05/2010)

Trusco Nakayama said in its long-term management strategy of the company's fiscal 2010 financial results announced on May 7 that it aims to strengthen logistics in response to market characteristics which have resulted in the geographic expansion of direct shipping logistics centers. These centers are trying to improve and increase the  delivery of 'instant' stock items.


The three grouped by area for the distribution center and Wakazuruto Fakutoriruto January 2010, by holding the item in stock wealth distribution center is central to the core center of each group, the same group Now we can share it in stock.


By strengthening and optimizing inventory and immediate delivery to customers in each distribution center we plan to expand the efficiency of inventory items.


The number of distribution centers for their home improvement stalls is 12 and 3 for their 'Wakazuruto' and 'Factory Route' stores.


Issues to be addressed as the company expands include preventing shortage and excess in inventory and installation of inventory management systems to prevent loss and strengthen logistics capabilities.

+ Japan's Panasonic & Sanyo collaborate on real estate & logistics - (10/05/2010)

Tokyo - May 7, Panasonic, announced a new medium-term plan, in which it outlines collaboration with Sanyo and promotion of its global infrastructure such as real estate, warehouses overseas offices. They will also promote and share know-how.


A working group collaboration strategy between Sanyo and Panasonic was established on April 1 this year which identified operating income synergies until fiscal 2012 of 80 billion yen (approximately 800 million USD).

Source: Panasonic & Sanyo

+ Chinese Property Investors snap up real estate on South Korean Island - (04/05/2010)

Scores of holiday villas on South Korea's Jeju Island have been snapped up by about 150 investors from Shanghai as Beijing tries to keep a real estate bubble from exploding.


By May 2nd, 58 real estate contracts said to be worth of $26.7 million had been signed during a three-day business tour by Chinese investors at the island's Raon Private Town, a booming holiday zone still under construction. Many of the luxury villas will be rented to Chinese tourists, the China News Agency reported.


Jeju Island in the Korea Straits, also known as the "Island of the Gods", is a popular vacation spot for Koreans, Japanese and neighboring Chinese.


Source: The China News Agency

+ Forever 21 opens flagship store in Tokyo - (02/05/2010)

Forever 21 Inc, a fashion brand from Los Angeles, recently launched its first ever flagship outlet in Asia at Matsuzakaya department store in Ginza shopping district, Tokyo.


The shop, recognized for its rightly priced unique designs for youngsters, will carry on its shelves, along with fashion apparels for grown-ups, a fresh collection for kids in the age group of 6-14 years.


According to Lawrence Meyer, Executive Vice President of the Group, Matsuzakaya Ginza was chosen for the launch of the brand’s new flagship stores owing to its perfect location.


In the following month, Forever 21 is likely to launch two new stores in Chiba Prefecture and Tokyo’s Shinjuku districts.

Source: Forever 21

+ Mitsui to open new Outlet Mall in western Japan - (01/05/2010)

Japan's Mitsui Fudosan announced that it will develop Mitsui Outlet Park Kurashiki (tentative name) in Kurashiki City, a leading industrial city of Okayama Prefecture in western Japan. The outlet will be the first Mitsui outlet in the region and is scheduled to open in the winter of 2011.

This project is located in Kurashiki, Okayama Prefecture. It is located close to the Kurashiki Station and at the junction of the Okayama and Sanyo Expressway intersection of Kurashiki. The site is well located to serve the Chugoku, Shikoku and the Kansai regions of Japan.

The site area is about 66,000m2 with 100 retail and commercial stores planned having a GFA of around 20,000m2. The buildings will be situated amongst ample vegetation and water features with the sustainable eco design based on a concept called "Kurashiki Forest". The stores will feature leading international brands and focus on Men's, Women's and Kids Fashion and accessories as well as Sports & Outdoors.

commercial property - Mall in Japan

Artists Impression




Okayama Ken, Kurashiki City,  Kotobuki-cho 12-1


JR Sanyo Line Hakubi Line Railway Mizushima Seaside "Kurashiki" station.  Sanyo Expressway "Kurashiki" IC about 3km

Business Type

Factory outlet

Site area

Approximately 66,000 m2

Store area

Approximately 20,000 m2

Number of stores

Approximately 100 stores


Opening Winter 2011 (tentative)


Source: Mitsui Fudousan

+ Office rents in Shibuya Station area still falling - (30/04/2010)

Closing rents for large office buildings in the areas around Shibuya Station are between 23,000 yen and 28,000 yen per tsubo [$72 to 88 per m2] as of April 1, 2010. This data is based on results of an interview survey conducted by the Nikkei Real Estate Market Report on multiple real estate companies.

+ Japanese real estate fund to be managed by ING - (30/04/2010)

ING Real Estate Investment Management has announced that it had taken on management of a private real estate fund in Japan known as Creed Real Estate Partners (CREP). The Fund is a USD 1.1 billion closed-end value-added fund focusing on office, residential and retail assets in Japan. ING has changed the name of the fund to the Nozomi Real Estate Fund.


Source: ING REIM

+ Towa Real Estate to construct 339 room nursing home & apartment complex - (29/04/2010)

Towa Real Estate Development has teamed up with Mitsubishi Real Estate, All Life Mate and Seirei Social Welfare Community to build a new apartment and nursing home complex known as "MINASIA Shonan Town Life". The site is located in Fujisawa City in Kanagawa Prefecture, greater Tokyo and will feature 339 apartments and nursing home units in 4 tower blocks over the 40,000 square meter site. Properties will be available from February 2011.


Real Estate Fujisawa Tokyo


* Property Name: MINASIA Shonan Town Life

* 4 towers ranging from 4-12 stories above ground

* Total units: 339 units (127 units Southfort, Pakufoto 132 units, 40 units Middofoto, Hiruzufu Oto 40 units)

* Location: Oba Fujisawa

* Transport: Tokaido Line JR Shonan-Shinjuku Line, Enoshima Line, Yokohama SubwayIzumino Sagami Line "Shonandai" station

* Site area: 40,479.51m

* Typical Floor Area: 76.04 m - 107.59 m

* Design: Sumitomo Mitsui Construction Co.,

* Construction: Yokohama branch of Sumitomo Mitsui Construction Co.,

* Joint Seller: Towa Real Estate Development Co., Ltd


Source: Joint Press Release 

+ Has Japan’s Property Market Bottomed? - (27/04/2010)

Asset Managers Holdings Co., Japan’s second-biggest publicly traded real estate manager, said it’s seeking acquisitions and aims to invest as much as 60 billion yen ($645 million) in Tokyo commercial properties.


The firm will target real estate investment trust managers and building management businesses, spending about 2 billion yen on each takeover.


Asset Managers will start new funds for the first time since the September 2008 collapse of Lehman Brothers Holdings Inc. as credit becomes more available and property prices fall. Japan’s 38 publicly traded real estate investment trusts more than doubled property purchases in the first quarter to 229 billion yen, according to IB Research and Consulting Inc.


“We’re finally starting to feel that the real estate market is turning around, which provides a good opportunity to start setting up new funds,” Iwasaki said.


Commercial land prices in Japan fell to the lowest in at least 36 years in 2009. Kenedix Inc., Japan’s biggest publicly traded real estate asset manager, and Chuo Mitsui Trust & Banking Co., Japan’s third-largest trust bank by assets, said in March they plan to start investing in property.


The firm has retreated from overseas businesses to refocus on the domestic market after the value of its funds’ assets declined to 340 billion yen at the end of February from a peak of 530 billion yen in 2007.


It will continue selling assets in China, Iwasaki said. The firm, which has a capital alliance with the asset management unit of Citic International Financial Holdings Ltd., has about 10 billion yen of assets in China.



+ Real Estate Funds return to Japanese commercial property - (27/04/2010)

CLSA Capital Partners, a unit of Credit Agricole SA, aims to buy two to three properties in Tokyo this year through an $816 million real estate fund as it takes advantage of declining prices and a recovery in credit markets.


The Fudo Capital II L.P. fund may invest about 200 billion yen ($2.1 billion) including loans, said Hirotaka Uchiyama, the head of Fudo-Japan, CLSA Capital Partners (Fudo) KK. The fund is the second set up by the alternative asset management arm of CLSA Asia-Pacific Markets to focus on properties in the Asia- Pacific region.


CLSA Capital Partners is betting that commercial real estate prices in Japan will recover as credit becomes more available after the global credit crisis and after commercial land prices in the country fell to the lowest in at least 36 years in 2009.


“There are various views on whether Japan’s property market has hit a bottom,” Uchiyama, who joined CLSA Capital Partners last July, said in an interview in Tokyo yesterday. “But the one thing that is common to everyone’s thinking is that we’re definitely close, which gives risk takers like us a good opportunity.” Japanese investments will make up a “sizeable portion” of the fund because there is limited risk of further declines.


CLSA Capital Partners closed the fund to new investors in November after raising more than its target of $750 million and has already invested in two office buildings, one in Sydney’s financial district and the other in Tokyo.


Kenedix Inc., Japan’s biggest publicly traded real estate asset manager, and Chuo Mitsui Trust & Banking Co., Japan’s third-largest trust bank by assets, said in March they plan to start investing in property.


Source: Bloomberg

+ China to lead asian and world economic recovery - (23/04/2010)

The International Monetary Fund (IMF) has predicted that China's economy is expected to grow by 10 percent in 2010 underpinned by strong domestic demand. The report also states that Asia's GDP is projected to grow by 7 percent in both 2010 and 2011 and the strength of domestic demand in China is expected to have positive spillovers for other Asian economies, particularly exporters of commodities and capital goods.


"In China, GDP growth exceeded the government's 8 percent target in 2009 and is expected to be close to 10 percent in both 2010 and 2011. What has been so far mainly a publicly driven growth path, built on infrastructure investment, is expected to turn toward stronger private consumption and investment," said the IMF in its latest World Economic Outlook report.


"Boosting domestic consumption will be a priority in China, through improved access to finance for small enterprises and households and stronger corporate governance and social safety nets to reduce precautionary saving," said the IMF.


In the report, the IMF said "the global recovery has evolved better than expected, with activity recovering at varying speeds, tepidly in many advanced economies but solidly in most emerging and developing economies."


The world economy, which declined by 0.6 percent in 2009, will recover gradually in 2010 and 2011, growing by 4.2 percent and 4.3 percent respectively, said the IMF.


Source: China Daily

+ DHL Chief Optimistic About Recovery - (22/04/2010)

DHL chief Frank Appel believes the worst is over and that economic recovery is on the horizon.


Appel expressed his optimism in a speech to the US Chamber of Commerce, during which he said DHL was prepared for growth in all four businesses units in the US - Express, its international courier service, DHL Global Forwarding and DHL Global Mail.


He added that free trade is a key component of sustainable economic growth, making it vital that governments around the world work toward reducing or modifying trade barriers like customs duties and competing trade regulations. The DHL CEO said he backs President Barack Obama's national export initiative which aims to double US exports in the next five years.


"The worst seems to be over, and there are clear signs of an economic comeback on the horizon," said Appel.


+ Kuehne + Nagel Back On Track - (22/04/2010)

Kuehne + Nagel returned to growth in the first quarter with sales up 7.3% compared to the same period a year earlier.


First quarter sales grew to CHF 4,604 million, but EBITA slipped from CHF 230 million in the previous year to CHF 228 million.


The company said demand in its global seafreight business experienced a turnaround in the first quarter, growing some 12%. Kuehne + Nagel moved 17% more containers during the quarter, with the highest growth recorded in the export business to China and on all export routes from Asia. Continued rate increases, however, put profit margins under further pressure. As a result, EBITDA slipped by 4.9% compared to the previous year, and the EBITDA margin declined 5.3% to 4.9%.


The company's airfreight business also saw a marked improvement in the quarter, rising some 31% in tonnage.


The economic recovery was also felt in contract logistics, albeit hesitantly. Kuehne + Nagel said turnover and results were stable during the first three months, although North America results were negatively influenced by insufficient warehouse space utilisation and start up costs for new business. EBITDA margin was at 4.2%, slipping slightly from the previous year's 4.5%.


"Our group is back on course for growth thanks to the economic recovery and measures we introduced in 2009," said Reinhard Lange, CEO of Kuehne + Nagel International. "Indications are getting stronger that the global economy and logistics-related parameters are stabilising. We are, therefore, confident of our ability of reaching our goal of above-market average profitable growth in all business units."


+ TNT plans to move its China hub to Shenzhen - (21/04/2010)

TNT recently signed an agreement with Shenzhen Airport on building a distribution centre, becoming the fourth express delivery giant of after FedEx, DHL and UPS to launch facility there.


TNT launched additional two freight flights from Hong Kong to Europe at the end of last year, and is set to build a special warehouse area in the airport in a bid to meet delivery demands and facilitate transportation between Shenzhen and Hong Kong.


The warehouse area, covering 1,300 square metres, is expected to be under construction mid April and open before the end of the year. TNT will move its distribution centre from Guangzhou to Shenzhen, sources from the airport say.


Together with domestic companies such as SF Express and Sinotrans, the top four players of the sector worldwide, including FedEx, DHL, UPS, TNT, have rolled out express delivery operations in the Shenzhen airport so far.


+ Matsuya Foods to build 47 million USD plant & integrated logistics centre in Saitama - (21/04/2010)

Matsuya Foods a Japanese wholesale and restaurant business has announced plans to strengthen and streamline production and distribution with a view to expanding operations in the future. The new industrial property located in north Tokyo will feature an integrated logistics center and food production centre.


Address: 118-1 Nakayama Oaza Kawashima-cho, Hiki-gun, Saitama

Site area: 19,958m2

Floor area: About 14,000 square meters (3 Levels)

Usage:   Warehouse, Food Processing Distribution Center processing

Total project cost: 4,333 million JPY (including land acquisition costs)

Construction: Starts in October 2010. Operation late July 2011.


Source: Matsuya Foods


+ New 35,000m2 distribution centre opens in Tokyo - (20/04/2010)

ProLogis a global provider of industrial real estate and distribution facilities announced the completion of the new "Ebina ProLogis" facility located in Ebina City south west of Tokyo.


Attending the ceremony were Mr Taki Masami - President Kirin Logistics Co., Mr Shiroi Motoyuki CEO & Managing Director from Fujita Corporation who were the builders and Mr Mike Yamada - President & CEO of ProLogis Japan.


The new distribution centre will be used by Kirin Logistics Co., Ltd. as a base for storing and shipping products of Kirin Beverage Co., Ltd.

tokyo japan real estate

Building Summary

Name:                 ProLogis Ebina

Location :            6-2-1 Ebina, Kadosawabashi, Kanagawa

Site area:            35,470m2 (approximately 10,729 tsubo)

Total floor area:   35,484 m2 (approximately 10,734 tsubo)

Structure:            S Building, part two-storey RC Building

Ground breaking : July 2009

Completion:         March 2010


Source: Prologis

+ Tokyo industrial property acquired from Itochu - (20/04/2010)

Mapletree Investments Pte Ltd has acquired an industrial property from ITOCHU Corp and ITOCHU Property Development, Ltd in Tokyo, Japan.


The 5-storey building known as ‘IXINAL Monzen-Nakacho’ is a purpose-built light industrial building located in Tokyo. It houses a corporate headquarters, information systems development and operations data centre. The building also obtained a ‘CASBEE A’ rank because of its energy saving features.


Phua Kok Kim, CEO of Mapletree Industrial said, “We are pleased to acquire this high quality property which will add to Mapletree's portfolio of assets in Japan.  The acquisition of this property from our strategic partner, ITOCHU Corp also reinforces our strong relationship which extends beyond our collaboration in the logistics market in Japan and other parts of Asia.”

Tokyo industrial property


Completed: September 2009

Location: No. 4 & 5 Fukuzumi 2-chome, Koto-ku, Tokyo

Site area: 2,787.72 square meters (approximately 843.28 tsubo)

Total floor area: 9,156.63 square meters (approximately 2,769.88 tsubo)

Exclusive area: 6,851.86 square meters (approximately 2,072.68 tsubo)

Main Usage: offices, stores, data center

Structure: 5 floors above ground - steel frame

Buyer: Mapletree SPC

Form of sale: Sale of trust beneficiary rights



Source: Mapletree Investments Pte Ltd & Itochu

+ China expects foreign trade volume of USD 5.3 trillion 2020 - (20/04/2010)

A research report of China's foreign trade sector predicted the world's largest exporter would more than double its foreign trade volume by 2020 to 5.3 trillion USD dollars.


It also called on China to improve the quality of foreign trade sector and to lower import tariffs to promote the nation's trade balance.


The report, jointly compiled by researchers with think-tanks under the Ministry of Commerce, the Ministry of Finance, and the Chinese Academy of Social Sciences predicts merchandise exports to top other countries and be 2.4 trillion U.S. dollars in 2020. This represents 10.1 percent of the world total, while imports will reach 1.9 trillion U.S. dollars and rank second largest, accounting for 8.2 percent of the world total.


The report was seen by analysts and officials as a "road map" which lays out a theoretical basis for the reforms in China's trade policies and mechanisms over the next decade.


Weighed on by the global downturn, China's foreign trade contracted to a three-decade low in 2009, with total volume down 13.9 percent year on year to 2.2 trillion U.S. dollars.


Analysts said the downturn had prompted China to adjust its exports structure, and shift focus on high-end manufacturing, energy-saving and environment-friendly industries and developing modern service industries.


Li Gang, a leading writer of the report, said the global downturn has phased out a number of backward and less competitive enterprises while offering great opportunities for innovative enterprises.


Source: China Daily

+ 1.52 B Yen Tokyo land bought for industrial real estate project - (19/04/2010)

Daisyo Corporation, a Japanese wholesale and restaurant business with around 1000 outlets in Tokyo and the surrounding areas has announced the purchase of Tokyo land in Adachi-ku, for the construction of a new industrial real estate project. The site was purchased for approximately 15.5 million USD and will feature a new office and logistics center that will consolidate existing facilities thereby enhancing the efficiency of the wholesale business group.


Property Summary

Location: 6-2-5 Iriya, Adachi-ku, Tokyo

Site Area: 9,901.51 square meters (2,995.21 tsubo)

Building Use: Warehouse and office

Building size: approximately 4,000 square meters (tentative)


Source: Daisyo Co.Ltd

+ $200 million data center to be built in Tokyo, Japan - (19/04/2010)

Nomura Research Institute, Ltd. (NRI) has decided to build its new data center in Tama City, Tokyo. This will be NRI’s fifth data center in Japan and the fourth in the metropolitan area.


In addition to serving as a base for NRI’s expanding outsourcing business, the new data center will function as a core center for cloud services.


NRI will invest about 20 billion yen in constructing this new data center, which is scheduled to be completed in fiscal 2012.



Location: Tama City, Tokyo

Site area: 19,496.3 m2

Scheduled completion date: 2012


Source: Nomura Research Institute

+ Tokyo industrial real estate vacancy rate at 15.3% - (18/04/2010)

According to recent data from CBRE average vacancy rate for large-scale multi-tenant warehouse and distribution facilities in Tokyo rose 1.1 point to 15.3%. The data although from a small sample of 49 properties highlights that some existing facilities had large vacancies but the rate of increase was modest as new facilities (built within one year) begin to take up vacant space.


Overall tenant activity remains relatively weak apart from online retailers and catalogue companies who continue to see growth in their warehousing needs. Many Japanese corporations are looking to reduce costs by relocating and consolidating their bases to higher quality facilities which has led to a steady take-up at large-scale facilities. Although vacancies were taken-up at large-scale facilities the contracted rents were reportedly highly discounted.


Vacancy for existing facilities rose 1.5 points to 8.3%. Although overall tenant activity was limited, vacancy trended slightly upward due to a take-up at new facilities, indicating a continuing market growth. However considering that the growth in large-scale market is mainly due to consolidation in small and medium-sized facilities, there remains a concern over supply-demand balance for small and medium-sized facilities may worsen after tenants have relocated to larger facilities.


Source: CBRE with comments from Bear Logi

+ $1 billion Japan real estate fund - Sumitomo Trust and AXA - (18/04/2010)

Sumitomo Trust & Banking and AXA Real Estate Investment Managers of the AXA Group signed a joint agreement in March 2010. This agreement outlining their fund targeting real estate in Japan and their individual responsibilities is based on the basic agreement exchanged by the two companies in October 2009, aiming at equity of 50 billion yen ($520 million) and an AUM of 100 billion yen ($1 billion).


Source: Nikkei

+ New commercial real estate precinct planned for Tokyo - (17/04/2010)

Tokyo – A new commercial, office and entertainment precinct with environmentally friendly features is to be built in Odaiba, located in the central area of the Tokyo waterfront. The development is a partnership between 4 Japanese companies: Mitsui Fudosan, Daiwa House, Sankei Building, and Fuji TV. The complex is scheduled to be completed for opening in spring 2012.


The site covers 33,000 square meters and features a 9 story commercial building and 21 story office building. The theme for the site is "theatrical urban space." The middle of the site will have a "Festival Plaza" that will encompass fashion, entertainment, restaurants etc and hold large events throughout the year produced by Fuji TV.  

Commercial Real Estate Tokyo

The project will utilize environmentally friendly ‘eco buildings’ with roof top gardens, roof top vegetable growing areas, solar panels and wind turbines.


Source: Sankei

+ Sagawa Global Logistics establishes new Logistics Centre in Shanghai China - (16/04/2010)

Japan’s Sagawa Global Logistics Group, has opened a new distribution center in Shanghai, China to support its local 3PL operations.


Sagawa plans to expand their international logistics business and operations in and around China's coastal regions. The opening of the Shanghai distribution center reflects this.


The Taopu distribution center is located in the northwest of Shanghai, 40 minutes by car from Shanghai city center, situated in a very convenient location just 30 minutes from Hongqiao Airport in Shanghai.


The huge China market has attracted many Japanese companies which are looking for shippers around Shanghai. Many Japanese businesses are expanding their shops and mail order businesses and therefore need logistics services in China. The requirements for logistic services are not only from Japan to China but China to Japan and Chinese Domestic.


By providing the same quality service Sagawa offers in Japan, they hope to expand to customers across China with their foothold in Shanghai.



Name of facility :         Taopu Distribution Center

Location:                    Logistics Park North, Phase II, Taopu, Shanghai  

Outline of facility: Floor area: 4,920 m2,  ceiling height 9m, floor load capacity 3t

Source: Summary from Sagawa Holdings

+ Chinese economy continues to expand - (15/04/2010)

China's economy continued to expand in the first quarter of 2010 according to the China National Bureau of Statistics (NBS). The growth rate was 11.9 percent year on year to 8.06 trillion yuan ($1.19 trillion), which is 5.7 percentage points higher than the same period last year.


China's consumer price index (CPI), a main gauge of inflation, rose 2.4 percent year on year in March, 0.7 percentage points lower than the previous month.  CPI for the first quarter was however up 2.2 percent.


The producer price index (PPI), a major measure of inflation at the wholesale level, rose 5.9 percent in March from a year earlier.


Source: NBS and China Daily

+ Investment in Chinese Real Estate sets new records - (15/04/2010)

According to the latest real estate data released by China's National Bureau of Statistics, home prices in China's 70 large and medium-sized cities including Beijing, Shanghai and Guangzhou increased 11.7 percent in March from a year earlier. This was a new record and beat the previous growth rate of 11.3 percent set in January 2008.


Prices of new homes nationwide rose 14.2 percent in March year on year, with newly built condominiums prices rising 15.9%.


Chinese industry officials, under these circumstances, could expect to prolong measures to curb the heated real estate investment market.

China Real Estate Price

Source: NBS and China Daily

+ Deutsche Post and Volkswagen announce new 5 year contract - (13/04/2010)

Germany's Deutsche Post AG and automobile manufacturer Volkswagen AG are stepping up their long-standing cooperation with a five-year contract valid as of April 1, 2010.

·     Under the contract, DHL Supply Chain - the specialist for contract logistics within the Deutsche Post DHL Group - will provide a major part of the in-plant logistics for the Volkswagen assembly plant in Bratislava, Slovakia.

·     DHL was awarded the business following a competitive international tender process.

·     Some 800 DHL employees will manage in-plant logistics for 50 % of the production materials of the models produced by the Volkswagen Group in Slovakia's capital; this involves engines, gear boxes and windscreens for the Audi Q7, Porsche Cayenne and Volkswagen Touareg.

·     Services provided will include inbound receiving, put away and storage, picking and kitting, sequencing and line-side deliveries directly to the Volkswagen production lines.

Source: Dow Jones

+ China tops Global Property Sustainability Survey - (13/04/2010)

The fourth quarter RICS Global Property Sustainability Survey shows that the vast majority of real estate investors place ‘some to considerable’ importance on sustainability issues.


According to real estate agents, Chinese, South African and Japanese clients put particularly heavy importance on sustainability issues. 56% of survey respondents in China rated sustainability as “Very Important” to their clients, whereas in Hong Kong, the same number of respondents rated sustainability as of average importance.


Investment return and business profit were the main reason driving clients’ sustainability agenda. On average, energy efficiency was the most important sustainability issue for respondents’. In China, transport issues were the most important sustainability issue.


The survey shows that sustainable development will be a major focus among property developers and investors in the coming decades due to increased awareness on climate change. Asian countries such as Japan, China, Hong Kong and Singapore are among the top countries having awareness on sustainability according to the survey.


Source: RICs Asia


+ ULI Japan's Young Leaders Event – FUKUOKA! - (13/04/2010)

With its long history as the gateway city to Asia, Fukuoka is now considered one of the “Most Livable Cities” in the world.  We would like to invite you to a panel discussion event featuring representatives from Fukuoka REIT, Kyushu University, Fukuoka Urban Laboratory and the Fukuoka City Government, to see what keeps Fukuoka City competitive.


This is a rare chance to discuss issues currently faced by the Japanese real estate market such as sustainable development, demographics, and sustainable business opportunities, with our expert panelists:


Koichiro Aitani – Associate Professor, Department of Architecture and Urban Design, Faculty of Human-Environment Studies, Kyushu University

Toshiaki Amamoto – Director, Section for Attracting Foreign & Domestic Enterprises, Fukuoka City Government

Taichi Goto – Principal, Fukuoka Urban Laboratory

General Manager, Tenjin Meiji-dori Ave. Development Council

Masayasu Saki – CEO and Representative Director, Fukuoka REIT


ULI will be giving away TWO FREE PASSES to the ULI Japan Summer Conference to attendees in a random drawing. Don’t miss out on this opportunity! Be there!


Discussion Points:

·  How has Fukuoka executed sustainable urban development?

·  What ingredients make Fukuoka a more “Livable City”?

·  How will Fukuoka remain Japan’s gateway city to Asia with increased domestic competition?

·  How will the city respond to Japan’s changing demographics?

·  How has the city promoted the investment to become a global “retail city”? What opportunities still await in this sector?


Location: Daiwa House Tokyo Office – Thursday, April 22, 2010


18:30-19:00    Reception

19:00-19:30    Panel Discussion

19:30-20:10    Q&A Session with Participants

20:00-21:00    Networking reception (same venue)


YLG Members   3,500 yen

ULI Members    4,500 yen

JIA Members    5,000 yen

Non-members  6,000 yen


Register Today! Space is Limited!


* Please contact the ULI Japan office if you have any questions regarding the event, or if you would like to register.

** Drinks and finger food will be provided.

*** Consecutive interpreting will be provided.

*** Participation is limited to the first 50 registrants.


· Please complete payment of the participation fee via bank transfer to the ULI account (please contact ULI for details).

· ULI is unable to accept cash payments at the door on the day of the event.

· If you wish to have an invoice issued, please contact the ULI Japan office and they will be happy to issue.

ULI Japan

COI Uchikanda Building 8F

3-2-8 Uchikanda

Chiyoda-ku, Tokyo101-0047

TEL: 03-5297-6132

FAX: 03-5297-6133

+ ULI Japan event - Fukuoka, Japanese Real Estate Market - (12/04/2010)

With its long history as the gateway city to Asia, Fukuoka is now considered one of the “Most Livable Cities” in the world.  We would like to invite you to a panel discussion event featuring representatives from Fukuoka REIT, Kyushu University