Yokorei to Sell Four Logistics Facilities to BGO

On July 23, 2026, Yokorei decided to sell four refrigerated warehouses it owns. The buyer is Octopus LLC, a special-purpose company established by Bentall GreenOak, and Yokorei will continue to operate each facility by leasing it back after the sale.

The sale covers four sites: the Tokyo Haneda Logistics Center in Ota Ward, Tokyo; the Kazo Logistics Center in Kazo City, Saitama Prefecture; the Tsukuba Logistics Center in Tsukuba City, Ibaraki Prefecture; and the Nagaoka CONNECT Logistics Center in Nagaoka City, Niigata Prefecture. Of these, the three sites in Tokyo Haneda, Kazo, and Tsukuba are already completed and are scheduled to be transferred on July 31, 2026.

The Nagaoka CONNECT Logistics Center is currently under construction and is scheduled for completion in the summer of 2026. It marks Yokorei's first entry into the Sea of Japan side region and is the first joint initiative with BGO K.K. for a newly built logistics center. The three-story building has a gross floor area of approximately 6,615 tsubo (approx. 235,400 sq. ft.). It will be transferred on October 1, 2026, after completion, with the lease beginning the same day.

In November 2025, Yokorei signed a memorandum of understanding on a strategic partnership with BGO, indicating a policy of collaborating on the joint development of refrigerated logistics centers, the reconstruction of existing facilities, and asset liquidation. BGO raised more than USD 5.1 billion in 2025 for its Asia-focused value-add real estate strategy, with Japan at the core of its investment strategy. In January 2026, it also announced the acquisition, jointly with Weave Living, of 10 residential properties in Tokyo (with an appraisal value of approximately JPY 22 billion), and it is advancing real estate investment in Japan, including this deal.

Key Facts

• Seller: Yokorei Co., Ltd.
• Buyer: Octopus LLC
• Contract Date: July 23, 2026
• Gain on Sale: approximately JPY 5.9 billion
• Disposition Price: Undisclosed
• Property Name: Tokyo Haneda Logistics Center
• • Location: 1-2-9 Keihinjima, Ota-ku, Tokyo
  • Planned Disposition Date: July 31, 2026
  • Completion: February 2018
  • Number of Floors: 3F (reinforced concrete construction)
  • Area: Land area of approximately 3,298 tsubo (approx. 117,300 sq. ft.) / Building area of approximately 4,792 tsubo (approx. 170,500 sq. ft.)
• Property Name: Kazo Logistics Center
• • Location: 3205-1 Konokuki, Kazo City, Saitama
  • Planned Disposition Date: July 31, 2026
  • Area: Land area of approximately 3,034 tsubo (approx. 108,000 sq. ft.) / Building area of approximately 5,585 tsubo (approx. 198,700 sq. ft.)
• Property Name: Tsukuba Logistics Center
• • Location: 8-1 Midorino-higashi, Tsukuba City, Ibaraki
  • Planned Disposition Date: July 31, 2026
  • Completion: February 2020
  • Number of Floors: 3F (reinforced concrete construction, partly steel-frame)
  • Area: Land area of approximately 4,693 tsubo (approx. 167,000 sq. ft.) / Building area of approximately 6,260 tsubo (approx. 222,800 sq. ft.)
• Property Name: Nagaoka CONNECT Logistics Center
• • Location: 4-558-7 Inaho, Nagaoka City, Niigata
  • Planned Disposition Date: October 1, 2026
  • Completion: Summer 2026 (planned)
  • Number of Floors: 3F (reinforced concrete construction, partly steel-frame)
  • Area: Land area of approximately 6,440 tsubo (approx. 229,200 sq. ft.) / Building area of approximately 6,615 tsubo (approx. 235,400 sq. ft.)