Mitsui Fudosan Logistics Park REIT to Acquire Four Logistics Facilities for JPY 40.29 Billion

Mitsui Fudosan Logistics Park REIT announced on December 17, 2025, that it will acquire four logistics facilities for a total planned acquisition price of JPY 40.29 billion, reflecting cap rates of 4.0–4.2%. Following its merger with Advance Logistics Investment Corporation in November 2024, the REIT is accelerating external growth.

The assets to be acquired are MFLP Tsukuba-Mirai (JPY 23.6 billion), MFLP Shinkiba II (JPY 7.1 billion), MFLP/OGUD Osaka Torishima (JPY 5.8 billion for a 50% interest), and i Missions Park Kasugai (JPY 3.8 billion). All assets were completed between 2023 and 2025, maintain 100% occupancy, and are leased to major tenants such as Kubota and Seino Transportation.

This acquisition forms part of an asset recycling initiative, coupled with the April 2025 announced sale of “T&B Maintenance Center Toyama and Matsue” (JPY 3.8 billion, gain of JPY 0.9 billion). The REIT is clearly shifting away from small regional assets inherited through the merger and toward large, newly built assets in Greater Tokyo, Chubu and Kansai sourced from its sponsor. The move is positioned as a step toward achieving its mid-term goal of over 4% average annual distribution growth through the January 2028 period.

Japan’s logistics REIT market experienced a rebound in 2025, with the TSE REIT Index hitting a 2-year, 9-month high in September. The REIT’s active acquisition stance likely reflects this improved market sentiment.

Key Facts

• Buyer: Mitsui Fudosan Logistics Park Inc.

• Seller: Mitsui Fudosan Co., Ltd. and others

• Total Planned Acquisition Price: JPY 40,290 million

• MFLP Tsukuba-Mirai

  • Planned Acquisition Price: JPY 23,600 million

    • 41% quasi-co-ownership: JPY 9,676 million

    • 59% quasi-co-ownership: JPY 13,924 million

  • Appraisal Value: JPY 23,600 million

  • Cap Rate: 4.0%

  • Location: Tsukubamirai-shi, Ibaraki Prefecture

  • Nearest IC: Ken-O Expressway “Tsukuba-Nishi Smart IC” approx. 3.6 km

  • Completion: 2025

  • Number of Floors: 5F

  • Gross Floor Area: approx. 29,100 tsubo (approx. 103,000 sq. ft.)

  • Occupancy: 100%

• MFLP Shinkiba II

  • Planned Acquisition Price: JPY 7,090 million

  • Appraisal Value: JPY 7,180 million

  • Cap Rate: 4.2%

  • Location: Shinkiba 2-chome, Koto-ku, Tokyo

  • Nearest IC: Shuto Expressway Bayshore Route “Shinkiba Exit” approx. 2.0 km

  • Completion: 2023

  • Number of Floors: 4F

  • Gross Floor Area: approx. 8,100 tsubo (approx. 28,800 sq. ft.)

  • Land: Fixed-term business leasehold

  • Occupancy: 100%

• MFLP / OGUD Osaka Torishima (50% Quasi-Co-Ownership Interest)

  • Planned Acquisition Price: JPY 5,780 million

  • Appraisal Value: JPY 5,780 million

  • Discount Rate (Adjusted Inwood Method): 3.9%

  • Location: Torishima 5-chome, Konohana-ku, Osaka City

  • Nearest IC: Hanshin Expressway Route 2 Yodogawa Left Bank Line “Shorenjigawa IC” approx. 1.0 km

  • Completion: 2024

  • Number of Floors: 4F

  • Gross Floor Area: approx. 16,200 tsubo (approx. 57,000 sq. ft.) entire property

  • Land: Standard fixed-term leasehold

  • Occupancy: 100%

• i Missions Park Kasugai

  • Planned Acquisition Price: JPY 3,820 million

  • Appraisal Value: JPY 3,890 million

  • Cap Rate: 4.2%

  • Location: Rokukenya-cho Nishi 3-chome, Kasugai-shi, Aichi Prefecture

  • Nearest IC: Tomei Expressway “Kasugai IC” approx. 5.0 km

  • Completion: 2023

  • Number of Floors: 4F

  • Gross Floor Area: approx. 4,300 tsubo (approx. 15,200 sq. ft.)

  • Occupancy: 100%