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Property

Singapore's Mapletree plans $385m logistics center in Japan

State-backed fund expands with largest park in manufacturing-heavy Kyushu

Mapletree already owns and operates 17 logistics facilities in Japan through a real estate investment trust.   © Reuters

TOKYO -- Singapore real estate developer Mapletree Investments will spend more than $385 million to build a logistics facility on the Japanese island of Kyushu, a production hub expected to see brisk shipping demand.

The 231,600 sq. meter site to be built in the city of Chikushino, about a 20-minute drive from Fukuoka Airport, will be twice the size of the largest logistics center on the island now, which is operated by Daiwa House Industry. The first building is slated to begin operating by spring 2023, with a second to open by spring 2024.

Toyota Motor and Honda Motor have production facilities on Kyushu, as do other companies such as chipmakers, and the island is expected to see increasing e-commerce demand as the population of Fukuoka, the island's largest city, grows. Mapletree looks to capitalize on this location to draw a range of customers such as auto parts makers and home electronics retailers.

The Mapletree Group owns and operates 17 logistics facilities in Japan through a real estate investment trust, including a center in Kobe that was completed in May 2019, though this will be its first on Kyushu. The facility will be owned and operated by Mapletree.

Growing demand for third-party logistics services and the rise of online retail have spurred the construction of massive logistics centers in recent years. Investment funds have taken an interest in this area, as seen by Blackstone Group's deal this year to buy four logistics centers from Daiwa House.

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