Tokyo, 5 June 2020 – Today CBRE Global Investors announces the acquisition of a 78,900 m2 logistics development site located in Nagata-ku Kobe-city in Hyogo from Cosmo Oil Co., Ltd through Kobe Bay TMK, formed by CBRE Asia Value Partners V (“AVP V” or the “Fund”), its flagship closed-end real estate fund in Asia Pacific.
The site is centrally located and has excellent transportation connections. It is located approximately one km from Wakamiya exit of the Hanshin Expressway Route 3 Kobe line, and about 12 minutes on foot from Takatori station of JR West Sanyo Main Line.
CBRE Global Investors will develop two logistics facilities on the site with a total expected floor area of 142,000 m2. The first facility, the “West Wing”, will be three stories with a total floor area of 85,000 m2 and the second facility, the “East Wing” will be four stories with a total floor area of 57,000 m2. Construction will commence in October 2021, with the West and East Wings expected to be completed in February and May 2023 respectively.
The site was previously an oil depot for Cosmo Oil, and has since been in disuse. CBRE Global Investors is an active player in the logistics sector in Japan, investing in and creating high quality logistics facilities to support the continued growth of the sector. CBRE Global Investors plans to undertake this development in the form of a joint investment with two other domestic investors.
“We continue to maintain high investment conviction for the logistics sector in Japan’s leading cities, and are very pleased to have an opportunity to participate in this large-scale development project in Kobe. Due to the site’s exceptional location, we anticipate strong leasing demand for both wings. Further, given the project’s scale, we believe that upon its completion, this project has the potential to transform the area into a strategically important logistics hub,” said Mr. Adrian Baker, CEO and CIO – Asia Pacific.
Earlier this year, AVP V announced the completion of its capital raising campaign with USD 900 million of equity closed. This development represents the Fund’s third logistics investment in Japan this year, following the acquisition of two completed logistics facilities in Tajimi and Yachiyo earlier in April.
Address: 8-1 Komagabayashi-minamicho, Nagata-ku, Kobe-city, Hyogo
Area: about 78,900 m2
Seller: Cosmo Oil Co., Ltd.
Buyer: Kobe Bay TMK
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $107.2 billion in assets under management* as of March 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
1. Nothing in this press release constitutes an offer to sell or a solicitation of an offer to purchase any security.
2. Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.