The proposed logistics facility will be CapitaLand’s second logistic development in Japan. The site of the facility was acquired from Mitsui & Co as part of its ongoing collaboration with Mitsui & Co. Real Estate Ltd (Mitsui RE).
CapitaLand has divested two malls in Greater Tokyo for a total of over JPY42 billion ($520 million). The company also announced plans to invest some JPY7.5 billion ($90.8 million) to acquire a site and develop a logistics facility in Osaka.
The sale of Olinas Mall and Seiyu & Sundrug Higashimatsuyama, CapitaLand’s two remaining retail malls in Japan, is expected to result in a net gain of some JPY9 billion for the company. The malls are being sold to unrelated third parties.
