Daiwa House REIT to Sell Two Logistics Facilities for JPY 15.83 Billion

Daiwa House REIT Investment Corporation announced on October 19, 2026, that it will sell the real estate trust beneficiary interests in two build-to-suit (BTS) logistics facilities, D Project Tosu III and DPL Inuyama, for a total of JPY 15.83 billion. The buyers are Tosu GK and Daiwa House Industry, respectively. Tosu GK was established in September 2026, and Daiwa House Industry and others plan to invest in it. D Project Tosu III will be delivered in two 50% quasi-co-ownership tranches on October 30, 2026, and March 1, 2027, and DPL Inuyama will be delivered on March 1, 2027.

D Project Tosu III, located in Tosu City, Saga Prefecture, is a five-story facility completed in 2012 with a gross floor area of approximately 19,658 tsubo (approx. 699,500 sq. ft.). DPL Inuyama, located in Inuyama City, Aichi Prefecture, is a three-story facility completed in 2013 with a gross floor area of approximately 6,314 tsubo (approx. 224,700 sq. ft.). Both properties are 100.0% occupied (as of August 31, 2026). The scheduled sale prices are JPY 11.1 billion for D Project Tosu III and JPY 4.73 billion for DPL Inuyama, both equal to their appraised values. The appraisal NOI yields on the scheduled sale prices are approximately 4.4% and approximately 4.2%, respectively.

Under a growth strategy that pursues upside in earnings and aims for a portfolio highly resistant to inflation, the REIT has a policy of selling BTS logistics facilities, land with leasehold interests and other properties with limited prospects for internal growth. These sales are in line with that strategy and will raise the investment ratio of multi-tenant facilities, which have shorter lease terms than BTS facilities and greater potential for internal growth, from 28.5% to 29.3% of its logistics portfolio. Most recently, in August 2026, the REIT announced the sale of properties including land under logistics and retail facilities while deciding to acquire the hotel MIMARU TOKYO IKEBUKURO, and in September it announced the acquisition of the retail portion of Urawa Calue, completed in May 2026.

After the sales, the portfolio will consist of 231 properties with a total acquisition price of approximately JPY 921.5 billion. Logistics facilities will account for 62 properties and an investment ratio of 49.7%.

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• Daiwa House REIT To Acquire Retail Portion of Urawa Calue for JPY 9.5 Billion
• Daiwa House REIT To Acquire Ikebukuro Hotel for JPY 11.5 Billion, Sell Three Properties

Key Facts

• Property Name: D Project Tosu III
• • Seller: Daiwa House REIT Investment Corporation
  • Buyer: Tosu GK
  • Transferred Asset: Quasi-co-ownership interest in real estate trust beneficiary interest
  • Scheduled Sale Price: JPY 11.1 billion
  • Appraised Value: JPY 11.1 billion (as of August 31, 2026, by Tanizawa Sogo Appraisal Co., Ltd.)
  • Appraisal NOI Yield (based on scheduled sale price): Approx. 4.4%
  • Expected Book Value: JPY 8.09 billion
  • Gain on Sale (expected): JPY 2.979 billion
  • Contract Date: October 30, 2026 (scheduled)
  • Scheduled Sale Date: October 30, 2026 (50% quasi-co-ownership interest) / March 1, 2027 (50% quasi-co-ownership interest)
  • Location: 3-1-3 Yayoigaoka, Tosu City, Saga Prefecture
  • Completion: March 2012
  • Number of Floors: 5F (steel-frame construction)
  • Use: Logistics facility (BTS)
  • Area: Site area of approximately 10,379 tsubo (approx. 369,300 sq. ft.) / Gross Floor Area of approximately 19,658 tsubo (approx. 699,500 sq. ft.)
  • Occupancy: 100.0% (as of August 31, 2026)
  • Tenant: Undisclosed
  • Property Management Company: Daiwa House Property Management Co., Ltd.
  • Trustee: Mitsubishi UFJ Trust and Banking Corporation
• Property Name: DPL Inuyama
• • Seller: Daiwa House REIT Investment Corporation
  • Buyer: Daiwa House Industry Co., Ltd.
  • Transferred Asset: Real estate trust beneficiary interest
  • Scheduled Sale Price: JPY 4.73 billion
  • Appraised Value: JPY 4.73 billion (as of August 31, 2026, by Tanizawa Sogo Appraisal Co., Ltd.)
  • Appraisal NOI Yield (based on scheduled sale price): Approx. 4.2%
  • Expected Book Value: JPY 3.504 billion
  • Gain on Sale (expected): JPY 1.213 billion
  • Contract Date: October 30, 2026 (scheduled)
  • Scheduled Sale Date: March 1, 2027
  • Location: 1-8 Nakahiratsuka, Aza, Haguroshinden, Oaza, Inuyama City, Aichi Prefecture
  • Completion: September 2013
  • Number of Floors: 3F (steel-frame construction)
  • Use: Logistics facility (BTS)
  • Area: Site area of approximately 4,610 tsubo (approx. 164,000 sq. ft.) / Gross Floor Area of approximately 6,314 tsubo (approx. 224,700 sq. ft.)
  • Occupancy: 100.0% (as of August 31, 2026)
  • Tenant: Sagawa Global Logistics Co., Ltd.
  • Property Management Company: Daiwa House Property Management Co., Ltd.
  • Trustee: Sumitomo Mitsui Trust Bank, Limited