Mitsui Fudosan Logistics Park REIT to Acquire Remaining 50% of Osaka Torishima Logistics Facility
Mitsui Fudosan Logistics Park Inc. signed an agreement on October 30, 2026, to acquire a 50% quasi-co-ownership interest in the trust beneficiary interest in MFLP OGUD Osaka Torishima, a logistics facility in Konohana-ku, Osaka, from Osaka Gas Urban Development. It plans to acquire 25% on each of February 1 and August 2, 2027, for JPY 2.905 billion each, or JPY 5.81 billion in total. The REIT acquired a 50% quasi-co-ownership interest from Mitsui Fudosan in February 2026 for JPY 5.78 billion, and this acquisition will bring its interest to 100%.
The property is located approximately 1.0 km from the Shorenjigawa Interchange on the Hanshin Expressway No. 2 Yodogawa Sagan Route and approximately 3.9 km from the Wangan Maishima Interchange on the No. 5 Bayshore Route. Completed in 2024, the four-story ramp-type logistics facility has a gross floor area of approximately 16,291 tsubo (approx. 579,700 sq. ft.). It has truck berths for 30 vehicles on the first floor and 28 on the third floor. The main tenant is LOGISTEED West Japan, and the occupancy rate is 100%. The land is held under a general fixed-term land lease that runs until November 2084.
The property was Osaka Gas Urban Development's first logistics facility development and Mitsui Fudosan's first joint project in the Kansai region in its logistics business. In June 2026, Osaka Gas Urban Development announced the start of construction of (Tentative Name) Takatsuki City Logistics Facility Project (Takatsuki, Osaka Prefecture; gross floor area of approximately 6,842 tsubo (approx. 243,500 sq. ft.)), its first logistics facility developed on its own.
The appraised value is a limited price that reflects the incremental value from consolidating the interests, at JPY 5.81 billion, the same as the scheduled acquisition price. The appraisal NOI yield on the scheduled acquisition price is 4.3%.
On September 17, the REIT also announced the acquisition of MFLP Ichinomiya (Ichinomiya, Aichi Prefecture) and MFIP Ebina & forest (Ebina, Kanagawa Prefecture) from Mitsui Fudosan and on-L Kyokushi Isaka (Kikuchi, Kumamoto Prefecture) from Office Network, and the sale of a 50% quasi-co-ownership interest in MFLP Yokohama Daikoku to Mitsui Fudosan Private REIT, Inc.
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Key Facts
- Property Name: MFLP OGUD Osaka Torishima
- Buyer: Mitsui Fudosan Logistics Park Inc.
- Seller: Osaka Gas Urban Development Co., Ltd.
- Acquired Asset: 50% quasi-co-ownership interest in real estate trust beneficiary interest (acquired in two tranches of 25% each)
- Scheduled Acquisition Price: JPY 5.81 billion (1. JPY 2.905 billion / 2. JPY 2.905 billion)
- Appraised Value: JPY 5.81 billion (50% quasi-co-ownership interest, limited price, as of September 30, 2026)
- Appraisal NOI Yield: 4.3% (based on scheduled acquisition price)
- Contract Date: October 30, 2026
- Scheduled Acquisition Date: 1. February 1, 2027 (25% quasi-co-ownership interest) / 2. August 2, 2027 (25% quasi-co-ownership interest)
- Existing Interest: 50% quasi-co-ownership interest (acquired from Mitsui Fudosan Co., Ltd. on February 2, 2026, for JPY 5.78 billion)
- Trustee: Sumitomo Mitsui Trust Bank, Limited (trust established on February 2, 2026)
- Location: 5-121-2 Torishima, Konohana-ku, Osaka, Osaka Prefecture, among others (lot number)
- Nearest Interchanges: Approximately 1.0 km from Shorenjigawa IC on the Hanshin Expressway No. 2 Yodogawa Sagan Route / Approximately 3.9 km from Wangan Maishima IC on the Hanshin Expressway No. 5 Bayshore Route
- Completion: February 2024
- Number of Floors: 4F (steel-frame construction)
- Use: Warehouse / Office (ramp-type logistics facility)
- Area: Site area of approximately 8,115 tsubo (approx. 288,800 sq. ft.) / Gross Floor Area of approximately 16,291 tsubo (approx. 579,700 sq. ft.)
- Land Rights: General fixed-term land lease (term from December 1, 2022, to November 30, 2084)
- Main Tenant: LOGISTEED West Japan, Ltd. (two tenants, occupancy rate of 100.0%)
- Environmental Certifications: BELS (ZEB) five stars / DBJ Green Building four stars
- PM Company / LM Company: Mitsui Fudosan Co., Ltd.
- Developers: Osaka Gas Urban Development Co., Ltd. and Mitsui Fudosan Co., Ltd. (joint project)