Three new logistics estates in Asia
Since forming a strategic partnership with Macquarie Asset Management in 2021, logistics real estate developer Unified Industrial (UI) has expanded its investment activities through three new ventures – two in Japan and one in China.
The first two ventures have now been fully deployed in five assets that will deliver around 430,000 sqm of gross floor area. The third venture (Japan Logistics Club II) has achieved final close with a seed asset and has further projects under investment approval that will fully deploy the remaining equity commitments.
On an end value basis, these ventures will increase UI's AUM to USD 2.8 billion. UI's current projects include both greenfield developments and value-added projects. Its latest development is in Greater Osaka and will deliver over 254,000 sqm, with Phase I of 64,000 sqm fully leased by one of Japan's largest 3PLs prior to construction commencement.
Phase II of 190,000 sqm is due to commence in Q4/2023 and has also received solid tenant demand with strong interest for nearly half of the space. (ben)