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LaSalle Logiport REIT targets 2 warehouses in Japan for ¥35.1B

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LaSalle Logiport REIT targets 2 warehouses in Japan for ¥35.1B

LaSalle Logiport REIT resolved to buy and lease two warehouse properties in Japan for an aggregate consideration of ¥35.10 billion.

The real estate investment trust intends to acquire the Logiport Osaka Taisho property from OTL1 Godokaisha for about ¥10.52 billion and the Logiport Amagasaki property from Amagasaki Property TMK for ¥24.58 billion, according to a Sept 4 filing.

The average net operating income yield for the agreed transactions is 5.1%.

Logiport Osaka Taisho, which has an appraisal value of ¥11.20 billion, occupies 55,929.57-square-meters of land in Osaka, while Logiport Amagasaki, which has an appraised value of ¥27.60 billion, sits on a 124,169.55-square-meter site in Hyogo.

LaSalle Logiport noted that it plans to complete the purchase on Sept. 25 using a combination of net proceeds from its issuance of new investment units, borrowed funds and cash on hand.

As of Sept. 4, US$1 was equivalent to ¥106.22.