Daiwa House REIT Investment Corporation (Daiwa House REIT) is acquiring an asset known as DPL Urayasu III.

The asset is a five-story logistics facility with gross floor area of approximately 60,845.80 square metres, the REIT disclosed on 22 February.

It sits on a land area of approximately 30,723.71 square metres and is 100% occupied by four tenants.

It is a recently built logistics facility located in a prime location in the Greater Tokyo Area with property age of 1.5 years, said the REIT.

Daiwa House REIT is acquiring the asset for JPY30,000 million, slightly below the independently appraised value of JPY31,100 million.

In its statement on the acquisition, Daiwa House REIT described the move as one that “would expand the asset size, further increase the stability of cash flow through increased portfolio diversification and secure stable revenues in the long term”.

Daiwa House REIT was last done on the Tokyo Stock Exchange at JPY241,700.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.