Mapletree Logistics acquired Hiroshima Centre for $114.2mn

The major logistics centre in the Chugoku region has a total GFA of abour 43,600 sq m.

According to MapletreeLog, the property was acquired through the purchase of beneficiary interests from a special purpose company managed by Itochu Corporation in its capacity as fund manager.

The property consists of 2 buildingsL a 2-storey warehouse for cold or frozen storage and a 2-storey dry warehouse with an ancillary office. It's GFA of 43,600 sq m makes it a major logistics facility in the Hiroshima prefecture of Chugoku region.

Geographically, it is not exposed to the open seas as the Hiroshima prefecture is in the middle of Chugoku region and is sheltered by Shikoku region.

The property is situated at Refresh Park in the Seifu Shinto Industrial District in Hiroshima and is directly linked to the Seifu-Shinto Interchange of Hiroshima Expressway.

The property is currently leased to Nippon Access Group with a remaining period of 16 years on the lease. The lease provides for rental review every 5 years. A subsidiary of Itochu, Nippon Access is a major food distribution company in Japan. Nippon Access is also an existing customer of MapletreeLog, taking up approximately 87,700 sqm of space. With this acquisition, Nippon Access will take up approximately 131,300 sqm of space and contribute towards about 4.3% of MapletreeLog’s gross revenue.