KDX Realty Investment to Acquire Sapporo Logistics Land and Sell Osaka Logistics Facility

KDX Realty Investment Corporation announced on August 27, 2026, that it will acquire KDX Logistics Sapporo Kiyota (land under leasehold), the land underlying a logistics facility in Kiyota Ward, Sapporo, and sell Prima Meat Packers Kinki Center, a logistics facility in Nishiyodogawa Ward, Osaka. The planned acquisition price is JPY 1.165 billion and the planned sale price is JPY 1.13 billion. The Sapporo land transaction is scheduled to be executed on September 18 of the same year, and Prima Meat Packers Kinki Center on March 29, 2027.

The land to be acquired fronts Hitsujigaoka-dori Avenue and is located approximately 5.1 km from National Route 36 and the "Sapporo Minami IC" interchange on the Doo Expressway. The site area is approximately 2,914 tsubo (approx. 103,700 sq. ft.). The seller is undisclosed, but the registered landowner as of August 27, 2026, is LOGISTEED North Japan, Ltd., which will become the lessee following the acquisition and continue to use the site as a logistics base. A long-term land lease agreement will be concluded, with rent increasing annually for a certain initial period, after which rent will be reviewed every three years in line with the consumer price index (CPI). The appraisal NOI yield against the planned acquisition price is 4.7%.

Prima Meat Packers Kinki Center was completed in 1993 and has one basement level and six floors above ground, with a gross floor area of approximately 2,109 tsubo (approx. 75,000 sq. ft.). KDX Realty Investment will sell its 90% quasi-co-ownership interest in the real estate trust beneficiary interest, and the holder of the remaining 10% quasi-co-ownership interest will transfer its stake at the same time. The buyer will acquire the entire property.

The master lease agreement for the facility expires in March 2027, at which point the tenant is scheduled to vacate. With the building more than 32 years old, attracting a new tenant would require repairs and equipment upgrades, while the REIT judged that the building's current specifications leave limited room for earnings growth. The buyer plans to carry out renovation and tenant leasing after acquisition, and the REIT has secured a priority negotiation opportunity for reacquisition once that work is complete.

The REIT is pursuing asset rotation, acquiring rental housing and logistics facilities in urban areas where future earnings growth can be expected, while selling land under leasehold with long-term fixed rents and logistics facilities where tenants are scheduled to vacate. Assets to be acquired from the fiscal period ending October 2026 onward total three properties including this transaction, for a combined approximately JPY 8.5 billion at an average NOI yield of 4.2%. Assets to be sold total four properties for a combined approximately JPY 12.2 billion at an average NOI yield of 3.6%.

see related articles

• Hankyu Hanshin REIT To Acquire Retail Land in Osaka’s Asahi Ward From KDX Realty Investment
• KDX Realty Investment Corp. To Acquire Rental Apartment, Logistics Facility and Sell Retail Land Interests

Acquisition Property Overview

• Property Name: KDX Logistics Sapporo Kiyota (land under leasehold)
• Buyer: KDX Realty Investment Corporation
• Seller: Domestic operating company (name undisclosed / landowner as of August 27, 2026: LOGISTEED North Japan, Ltd.)
• Asset Acquired: Real estate trust beneficiary interest
• Planned Acquisition Price: JPY 1.165 billion
• Appraisal Value: JPY 1.29 billion (as of July 31, 2026, Daiwa Real Estate Appraisal Co., Ltd.)
• Appraisal NOI Yield: 4.7%
• Contract Date: August 27, 2026
• Scheduled Acquisition Date: September 18, 2026
• Location: 167-1 Kiyota 2-jo 3-chome, Kiyota-ku, Sapporo-shi, Hokkaido
• Nearest Interchange: Doo Expressway “Sapporo Minami IC” (approx. 5.1 km)
• Site Area: approximately 2,914 tsubo (approx. 103,700 sq. ft.)
• Lessee: LOGISTEED North Japan, Ltd.
• Occupancy: 100% (as of the end of July 2026)

Disposition Property Overview

• Property Name: Prima Meat Packers Kinki Center
• Seller: KDX Realty Investment Corporation
• Buyer: Domestic operating company (name undisclosed)
• Asset Transferred: 90% quasi-co-ownership interest in real estate trust beneficiary interest
• Planned Sale Price: JPY 1.13 billion
• Estimated Book Value: JPY 1.11 billion
• Difference Between Planned Sale Price and Estimated Book Value: JPY 20 million
• Appraisal Value: JPY 1.107 billion (as of April 30, 2026, Japan Real Estate Institute)
• NOI Yield: 4.7%
• Contract Date: August 27, 2026
• Scheduled Sale Date: March 29, 2027
• Location: 2-2-39 Takeshima, Nishiyodogawa-ku, Osaka-shi, Osaka
• Completion: October 1993
• Number of Floors: 6F / B1 (reinforced concrete and steel-frame construction)
• Use: Warehouse / Office / Garage
• Site Area: approximately 968 tsubo (approx. 34,400 sq. ft.) / Gross Floor Area: approximately 2,109 tsubo (approx. 75,000 sq. ft.)
• Occupancy: 100% (as of the end of July 2026)