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Blackstone sells Tokyo-area Amazon hub to Nuveen for $370m

Latest Japan property deal unloads warehouse acquired earlier this year

Amazon boxes ready for delivery. Foreign investors are snapping up Japanese properties amid ultralow interest rates.   © Reuters

TOKYO -- Blackstone Group has sold a fulfillment center for Amazon Japan to fellow U.S. asset manager Nuveen for an estimated 40 billion yen ($365 million) less than a year after the property was acquired, Nikkei has learned.

Nuveen is believed to have purchased the facility in Odawara, a city southwest of Tokyo, jointly with a South Korean investor as a long-term investment.

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