SOSiLA Logistics REIT To Acquire Sendai Substation Building for JPY 2.23 Billion

SOSiLA Logistics REIT, Inc., a logistics REIT sponsored by Sumitomo Corp., announced on Aug. 28, 2026, that it will acquire Izumi-Chuo SS Building in Izumi Ward, Sendai. The planned acquisition price is JPY 2.23 billion. It will acquire a 99% quasi-co-ownership interest from Fuyo General Lease and the remaining 1% from Sumitomo Corp. The purchase and sale agreement is to be signed on Aug. 31, with the acquisition scheduled for Dec. 18.

The property is a four-minute walk from Izumi-Chuo Station on the Sendai Subway Namboku Line. Completed in 1995, the building has five floors above ground and two below, with a gross floor area of approximately 3,301 tsubo (approx. 117,500 sq. ft.) for the entire building. It comprises a substation on the basement levels, offices and retail on the first floor, and a self-park multi-story garage on floors one through five with capacity for 153 vehicles.

Occupancy was 100% as of Aug. 28, 2026. Rent from the substation tenant accounts for most of the income, and the specialized nature of that use points to long-term occupancy. The parking garage mainly serves park-and-ride users for Izumi-Chuo Station and also functions as an affiliated parking facility for retail properties in front of the station.

The REIT invests chiefly in the SOSiLA series developed by Sumitomo Corp., as well as in logistics and industrial real estate outside the series. Sumitomo Corp. was involved in developing Izumi-Chuo SS Building, and the Sumitomo Corp. group has operated it for many years. It will be the REIT's first holding in the Tohoku region, and after the acquisition its portfolio will comprise 18 properties worth JPY 144.289 billion on an acquisition-price basis.

Key Facts

• Property Name: Izumi-Chuo SS Building
• Buyer: SOSiLA Logistics REIT, Inc.
• Seller: Fuyo General Lease Co., Ltd. (99% quasi-co-ownership interest) / Sumitomo Corporation (1%)
• Acquisition Target: 100% quasi-co-ownership interest in a domestic real estate trust beneficiary interest
• Planned Acquisition Price: JPY 2.23 billion (estimated)
• Appraisal Value: JPY 2.46 billion (as of July 31, 2026; Japan Real Estate Institute)
• Appraisal NOI Yield: 6.0%
• Scheduled Agreement Date: August 31, 2026
• Scheduled Acquisition Date: December 18, 2026
• Location: 3-1-3 Izumi-Chuo, Izumi-ku, Sendai, Miyagi Prefecture
• Nearest Station(s): Four-minute walk from Izumi-Chuo Station on the Sendai Subway Namboku Line
• Completion: August 1995
• Number of Floors: 5F / B2 (steel-frame and reinforced concrete construction)
• Use: Parking / Office / Substation
• Area: Site area of approximately 888 tsubo (approx. 31,600 sq. ft.) / Gross Floor Area (entire building) of approximately 3,301 tsubo (approx. 117,500 sq. ft.)
• Building Ownership Structure: 81.37% co-ownership interest in the freehold
• Number of Tenants: 1 (7 end tenants)
• Annual Rent: JPY 182 million (as of August 28, 2026)
• Occupancy: 100% (as of August 28, 2026)
• Master Lease Company: Sumisho Urban Kaihatsu Co., Ltd.
• Master Lease Type: Pass-through
• Property Management Company: Sumisho Urban Kaihatsu Co., Ltd.
• Trustee: Mitsubishi UFJ Trust and Banking Corporation
• Note: The planned acquisition price for the 99% quasi-co-ownership interest is an estimate and may change due to fluctuations in revenue and expenses prior to the acquisition.