BX Blackstone Inc

By P.R. Venkat

Singapore sovereign wealth fund GIC Pvt. Ltd. will acquire a portfolio of six logistics facilities in Japan for $800 million from alternative asset manager Blackstone Inc.

The portfolio comprises modern warehouses with an average age of five years across Japan, GIC said in a statement Friday.

It said the assets would provide robust and resilient cash flow from their high occupancy.

"This acquisition represents an attractive opportunity for GIC to expand our exposure to logistics assets further," GIC Deputy Chief Investment Officer, Real Estate, Goh Chin Kiong said.

GIC said the addition of the assets to the Japan portfolio resulted from its focus on sectors with growth potential such as hospitality and logistics.

"This transaction marks our first acquisition of logistics facilities developed and property managed by Daiwa House Industry and reflects our continued commitment to the Japanese market," GIC's representative director and head of the office, Ken Sugimoto, said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

April 28, 2023 03:18 ET (07:18 GMT)

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