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Mitsui Fudosan Logistics Park REIT To Acquire Three Assets for JPY 35.69 Billion and Sell One

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Mitsui Fudosan Logistics Park REIT To Acquire Three Assets for JPY 35.69 Billion and Sell One

Mitsui Fudosan Logistics Park REIT To Acquire Three Assets for JPY 35.69 Billion and Sell One

Mitsui Fudosan Logistics Park REIT announced on September 17, 2026, that it will acquire three properties, including logistics facilities, for a combined JPY 35.69 billion and sell a 50% quasi-co-ownership interest in MFLP Yokohama Daikoku in Tsurumi Ward, Yokohama, for a total of JPY 11.9 billion. The REIT said the asset replacement is aimed at improving its earning power over the medium to long term on a comprehensive basis.

The assets to be acquired are on-L Kyokushi Isaka in Kikuchi, Kumamoto Prefecture (JPY 2.2 billion), MFLP Ichinomiya in Ichinomiya, Aichi Prefecture (JPY 19.0 billion) and MFIP Ebina & forest in Ebina, Kanagawa Prefecture (JPY 14.49 billion). Kyokushi Isaka is scheduled to be acquired on October 1, 2026, and the remaining two on February 1, 2027. Appraisal NOI yields against the planned acquisition prices are 4.5%, 3.9% and 4.6%, respectively.

Ichinomiya and Ebina were both developed by Mitsui Fudosan, which is also the seller. Ichinomiya sits close to the Ichinomiya-Inazawa-kita Interchange on the Tokai-Hokuriku Expressway; completed in April 2025, the four-story facility has a gross floor area of approximately 18,900 tsubo (approx. 672,500 sq. ft.). It is a ramp-type facility that allows trucks to drive directly to the upper floors, and a single logistics company leases the entire building. Ebina, completed in June 2026, is also four stories and has a gross floor area of approximately 11,900 tsubo (approx. 423,400 sq. ft.). It combines a box-type logistics facility with multi-use space on the third and fourth floors intended for office and laboratory uses, and houses three tenants.

on-L Kyokushi Isaka is the only asset being acquired from a third party; the seller is Office Network, based in Hakata Ward, Fukuoka. Completed in May 2025, the two-story facility has a gross floor area of approximately 1,900 tsubo (approx. 67,600 sq. ft.) and is used in its entirety by Sagawa Global Logistics. The REIT pointed to the property's location in an area where semiconductor-related companies such as JASM and Tokyo Electron are clustered, saying the site is well positioned to serve demand for semiconductor-related logistics.

MFLP Yokohama Daikoku, the asset being sold, is a ramp-way-type logistics facility completed in 2009. Of the 50% quasi-co-ownership interest it holds, the REIT will transfer 30% on January 29, 2027, for JPY 7.14 billion and 20% on July 30, 2027, for JPY 4.76 billion, both to Mitsui Fudosan Private REIT.

After the transactions are completed, the portfolio will comprise 51 properties worth JPY 612.017 billion, with logistics real estate accounting for 93.2% and industrial real estate for 6.8%.

Acquisition Property Overview

  • Property Name: on-L Kyokushi Isaka
    • Asset to Be Acquired: Trust beneficiary interest in real estate
    • Buyer: Mitsui Fudosan Logistics Park Inc.
    • Seller: Office Network Co., Ltd.
    • Planned Acquisition Price: JPY 2.2 billion
    • Appraised Value: JPY 2.45 billion, by Tanizawa Sogo Appraisal Co., Ltd. as of July 31, 2026
    • Appraisal NOI Yield: 4.5%
    • Agreement Date: September 17, 2026
    • Scheduled Acquisition Date: October 1, 2026
    • Location: 717-1 Nishi-ozasa, Kyokushi Isaka, Kikuchi, Kumamoto Prefecture
    • Nearest IC: Kyushu Expressway "Kumamoto IC" approx. 14.5 km
    • Completion: May 2025
    • Number of Floors: 2F (steel-frame construction)
    • Use: Warehouse / Office
    • Area: Site area of approximately 2,460 tsubo (approx. 87,500 sq. ft.) / Gross Floor Area of approximately 1,900 tsubo (approx. 67,600 sq. ft.)
    • Property Type: Box-type logistics facility
    • Number of Tenants: 1 (Sagawa Global Logistics Co., Ltd.)
    • Occupancy: 100.0%
  • Property Name: MFLP Ichinomiya
    • Asset to Be Acquired: Trust beneficiary interest in real estate
    • Buyer: Mitsui Fudosan Logistics Park Inc.
    • Seller: Mitsui Fudosan Co., Ltd.
    • Planned Acquisition Price: JPY 19.0 billion
    • Appraised Value: JPY 19.0 billion, by Japan Real Estate Institute as of July 31, 2026
    • Appraisal NOI Yield: 3.9%
    • Agreement Date: September 17, 2026
    • Scheduled Acquisition Date: February 1, 2027
    • Location: 32-1 and other lots, Amada, Rinno, Hagiwara-cho, Ichinomiya, Aichi Prefecture
    • Nearest IC: Tokai-Hokuriku Expressway "Ichinomiya-Inazawa-kita IC" nearby
    • Nearest Station(s): Approximately eight-minute walk from Kariyasuka Station on the Meitetsu Bisai Line
    • Completion: April 2025
    • Number of Floors: 4F (steel-frame construction)
    • Use: Warehouse / Office
    • Area: Site area of approximately 9,300 tsubo (approx. 330,900 sq. ft.) / Gross Floor Area of approximately 18,900 tsubo (approx. 672,500 sq. ft.)
    • Property Type: Ramp-type logistics facility
    • Number of Tenants: 1 (Meikon Co., Ltd.)
    • Occupancy: 100.0%
    • Environmental Certifications: BELS "Nearly ZEB" six stars / DBJ Green Building five stars
  • Property Name: MFIP Ebina & forest
    • Asset to Be Acquired: Trust beneficiary interest in real estate
    • Buyer: Mitsui Fudosan Logistics Park Inc.
    • Seller: Mitsui Fudosan Co., Ltd.
    • Planned Acquisition Price: JPY 14.49 billion
    • Appraised Value: JPY 14.6 billion, by Japan Real Estate Institute as of July 31, 2026
    • Appraisal NOI Yield: 4.6%
    • Agreement Date: September 17, 2026
    • Scheduled Acquisition Date: February 1, 2027
    • Location: 5-33-1 and other lots, Chuo, Ebina, Kanagawa Prefecture
    • Nearest IC: Ken-O Expressway "Ebina IC" approx. 2.8 km
    • Nearest Station(s): Approximately nine-minute walk from Ebina Station on the Odakyu Odawara Line and the Sotetsu Main Line / Approximately 11-minute walk from Ebina Station on the JR Sagami Line
    • Completion: June 2026
    • Number of Floors: 4F (steel-frame construction)
    • Use: Office / Warehouse
    • Area: Site area of approximately 5,990 tsubo (approx. 213,100 sq. ft.) / Gross Floor Area of approximately 11,900 tsubo (approx. 423,400 sq. ft.)
    • Property Type: Box-type logistics facility and multi-use space
    • Number of Tenants: 3 (Main tenant: Yokogawa Rental & Lease Corporation)
    • Occupancy: 100.0%
    • Environmental Certifications: SGEC Project CoC certification / BELS "Nearly ZEB" six stars / DBJ Green Building five stars

Disposition Property Overview

  • Property Name: MFLP Yokohama Daikoku
  • Asset to Be Sold: 50% quasi-co-ownership interest in a trust beneficiary interest in real estate (to be sold in 30% and 20% portions)
  • Seller: Mitsui Fudosan Logistics Park Inc.
  • Buyer: Mitsui Fudosan Private REIT, Inc.
  • Scheduled Sale Price: JPY 7.14 billion (30% quasi-co-ownership interest) / JPY 4.76 billion (20%), for a total of JPY 11.9 billion
  • Expected Book Value: JPY 5.688 billion (30%) / JPY 3.792 billion (20%), for a total of JPY 9.48 billion as of July 31, 2026
  • Appraised Value: JPY 11.7 billion (50% quasi-co-ownership interest), by Daiwa Real Estate Appraisal Co., Ltd. as of July 31, 2026
  • Agreement Date: September 17, 2026
  • Scheduled Sale Date: January 29, 2027 (30%) / July 30, 2027 (20%)
  • Location: 43-1 Daikokucho, Tsurumi Ward, Yokohama, Kanagawa Prefecture
  • Completion: April 2009
  • Number of Floors: 7F (reinforced concrete and steel-frame construction)
  • Use: Warehouse
  • Area: Site area of approximately 14,510 tsubo (approx. 516,300 sq. ft.) / Gross Floor Area of approximately 30,410 tsubo (approx. 1,082,100 sq. ft.) (both for the entire property)
  • Property Type: Ramp-way-type logistics facility
  • Number of Tenants: 6 (Main tenant: Daiwa Corporation)
  • Occupancy: 100.0%

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