Industrial & Infrastructure Fund to Acquire Logistics and Manufacturing Assets in Greater Tokyo and Hiroshima

Industrial & Infrastructure Fund Investment Corporation (IIF) will acquire two assets on December 12, 2025—IIF Funabashi Logistics Center II in Funabashi, Chiba Prefecture, and IIF Higashi-Hiroshima Manufacturing Center in Higashi-Hiroshima, Hiroshima Prefecture—for a combined total of approximately JPY 12.4 billion. The Funabashi asset will be acquired from SMFL Mirai Partners for about JPY 9.1 billion, while the Higashi-Hiroshima asset will be acquired from a domestic operating company for JPY 3.3 billion. Both transactions are being executed below appraisal values, resulting in unrealized gain ratios of 11.8% for Funabashi and 34.8% for Higashi-Hiroshima.

The Funabashi logistics facility, a six-story building with a Gross Floor Area of approx. 9,203 tsubo (approx. 327,000 sq. ft.), is located in a prime coastal logistics zone in Chiba. It is fully leased to a major 3PL company operating the site as a satellite center, and the current in-place rent sits below market, offering upside potential.

The Higashi-Hiroshima manufacturing facility, with a Gross Floor Area of approx. 5,933 tsubo (approx. 211,000 sq. ft.), serves as the sole domestic production base for Webasto Japan’s automotive sunroof systems and is one of the most important manufacturing hubs within the global Webasto Group.

The acquisitions form part of IIF’s ongoing portfolio rebalancing strategy. Together with the scheduled 2026 sale of four land-lease assets, the REIT aims to strengthen its inflation resilience. For the Higashi-Hiroshima facility, IIF will concurrently sign a 20-year fixed-term building lease with Webasto Japan, incorporating CPI-linked rent adjustments. Rent will be reviewed every five years, with a rent floor ensuring that revised rent will not fall below the prior level. The acquisition yields (NOI basis) are 4.3% for the Funabashi facility and 6.0% for the Higashi-Hiroshima facility.

Key Facts

• IIF Funabashi Logistics Center II

  • Buyer: Industrial & Infrastructure Fund Investment Corporation

  • Seller: SMFL Mirai Partners Co., Ltd.

  • Acquisition Price: JPY 9,123 million

  • Appraisal Value: JPY 10,200 million

  • Location: 13-2 Shiomicho, Funabashi City, Chiba Prefecture

  • Nearest Station: JR Keiyo Line “Futamatashimmachi” Station, approx. 2.5 km

  • Completion: September 1991

  • Number of Floors: 6F (Steel-Reinforced Concrete)

  • Gross Floor Area: approx. 9,203 tsubo (approx. 327,000 sq. ft.)

  • NOI Yield: 4.3%

• IIF Higashi-Hiroshima Manufacturing Center

  • Buyer: Industrial & Infrastructure Fund Investment Corporation

  • Seller: Domestic Operating Company (undisclosed)

  • Acquisition Price: JPY 3,300 million

  • Appraisal Value: JPY 4,450 million

  • Location: 5-10 Taguchi Research Park, Higashi-Hiroshima City, Hiroshima Prefecture

  • Nearest Station: Sanyo Shinkansen “Higashi-Hiroshima” Station, approx. 7.5 km

  • Completion: August 1990 (with additions in 2003, 2007, 2015, 2022)

  • Number of Floors: 2F (Steel Structure)

  • Gross Floor Area: approx. 5,933 tsubo (approx. 211,000 sq. ft.)

  • Tenant: Webasto Japan Co., Ltd.

  • NOI Yield: 6.0%