Unified Industrial, a leading logistics real estate investor and fund manager, announced the completion and recapitalisation of UI Konan Phase I. UI Konan is the first ramped logistics facility development in Shiga Prefecture, Greater Kansai and has a total developable gross floor area (GFA) of over 250,000sqm delivered in two phases. UI Konan Phase I has 59,200 square metres of net rentable area and was 100% pre-leased to Nippon Express, one of the largest third party logistics (3PL) operators in Japan, before commencement of construction. In partnership with Unified Industrial, the property has been funded through development by Macquarie Real Estate Partners Asia I. Shortly post completion, Unified Industrial has introduced a consortium of Japanese investors to acquire this stabilised asset, with Unified Industrial continuing to act as asset manager for the Japan consortium.
“We are pleased to have completed the sale of UI Konan Phase I at an attractive valuation that reflects the quality of the asset and the strength of the Japan logistics market,” said Joshua Olsan, chief executive officer and founder of Unified Industrial. “This transaction is a testament to our ability to identify, acquire and develop high-quality, prime logistics real estate for our investors.”
This is the first divestment of a greenfield development since UI entered into a partnership with Macquarie Real Estate Partners Asia I, part of Macquarie Asset Management’s flagship opportunistic fund series in 2021. “This transaction demonstrates our strong conviction in Japan logistics, disciplined investment approach and Unified Industrial’s active investment management capabilities,” added James Kemp, Head of Real Estate, Asia Pacific, Macquarie Asset Management.
The successful execution of this transaction was led by Hiroshi Takizawa, Head of Japan at Unified Industrial. Mr. Takizawa is a veteran in the real estate investment industry, with over 25 years of experience in acquiring, managing and divesting high-quality properties in Japan.
This project showcases Macquarie Asset Management’s commitment to invest and deliver positive impact for its stakeholders and the communities in which it operates. Designed and built to CASBEE A rating, UI Konan incorporates various ESG initiatives such as rooftop solar panels, LED lighting with motion sensors and a rainwater recycling system. Green power generated by the solar panels installed will support almost half of Nippon Express’ power usage annually.
Olsan added, “The team has been focused on sourcing off market opportunities and we have identified a robust portfolio of pipeline projects across key markets. The partnership with funds managed by Macquarie Asset Management has provided our business access to capital in order to execute on such pipeline and build a portfolio of prime logistics assets in Japan’s key markets providing an opportunity for investors access to quality stabilised product”.
