TOKYO :Singapore sovereign wealth fund GIC said on Friday it would buy a portfolio of six logistics assets in Japan for more than $800 million from Blackstone Inc, reflecting strong appetite for logistics real estate.The transaction, comprising 4 million square feet of warehouses located across Japan, is the
TOKYO :Singapore sovereign wealth fund GIC said on Friday it would buy a portfolio of six logistics assets in Japan for more than $800 million from Blackstone Inc, reflecting strong appetite for logistics real estate.
"It is a good addition to our Japan portfolio as we continue to focus in tailwind sectors such as hospitality and logistics," Goh Chin Kiong, deputy chief investment officer for GIC's real estate business, said in a statement. While the real estate market globally has come under pressure due to soaring borrowing costs, the logistics segment remains relatively unscathed.
"We've secured solid returns through the latest deal despite the real estate market downturn. It shows that it's important to be selective about assets," he told Reuters.
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