ITOCHU Announces Transfer of Minoh Logistics Center (Tentative Name) to a Private Equity
Fund managed by Real Estate Department, Alternative Division of BlackRock
June 29, 2023
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has transferred the Minoh Logistics Center (tentative name), which it developed jointly with ITOCHU Property Development, Ltd. (headquartered in Minato-ku, Tokyo; Norio Matsu, President) and Sanyo Electric Railway Co., Ltd. (headquartered in Nagata-ku, Kobe-shi, Hyogo; Kazuhiro Uekado, President and Representative Director), to a private equity fund managed by BlackRock.
Minoh Logistics Center is a new facility in Minoh City, Osaka. Its construction was begun in the second half of 2021 and completed in the first half of 2023. Approx. 1.5 kilometers from the Mino-Todoromi interchange on the Shin-Meishin Expressway, the facility is in an area that is convenient for nationwide distribution. In addition, there is a large new town in the surrounding area that is increasing in vitality, making this area highly promising. Real Estate Department, Alternative Division of BlackRock has found that the potential of the area and the shape, specifications and other details of the building match its needs, which has resulted in the transfer.
ITOCHU has a proven record of developing 36 logistics facilities with an area of 1,520,661 m2 in Japan. It has transferred properties that it developed to Advance Logistics Investment Corporation, which it sponsors, and other institutional investors in Japan and other countries. ITOCHU will continue to promote the development and management of facilities which cater to a wide range of needs, including the needs of tenants and investors, aiming to contribute to the sustainable development of society through the improvement and development of logistics infrastructure in Japan.
Comments from Mr. Daigo Hirai, Managing Director, BlackRock
We were able to invest in an excellent asset because we were fortunate enough to meet ITOCHU Corporation. Starting with this deal, we would like to consider joint development, investment and other projects with ITOCHU Corporation regarding other assets without being limited to logistics facilities.
Reference: Website of i Missions Park, the logistics facilities operated by ITOCHU
|Minoh Logistics Center (tentative name)
|2-4-1 Shinmachi-nishi, Minoh City, Osaka
|Approx. 1.5 km from the Mino-Todoromi IC on the Shin-Meishin Expressway
|Total floor area
|January 31, 2023
Exterior of the facility