Japan logistics sector draws big-ticket deals in 2H 2025

The largest transaction was a Blackstone-led deal worth JPY100 billion.

Japan’s logistics sector continued to attract strong investor interest in 2H 2025, with several major transactions underscoring the asset class’s resilience, according to Savills.

Citing MSCI data, Savills notes that while overall investment activity in 2025 fell 11% from 2024’s record levels, industrial transaction volumes remained steady year-on-year. The sector’s share of total investment rose from 16% to 18%, reflecting sustained demand for logistics assets.

Among the headline deals, Blackstone acquired Tokyo C-NX in Koto for approximately JPY100 billion, marking one of the largest transactions of the period and highlighting continued interest from global investors.

Other significant transactions included the acquisition of Redwood Fujidera Distribution Centre for around JPY60 billion by a fund formed by ESR and backed by domestic capital, as well as a CBRE Investment Management fund purchasing three facilities across Saitama, Shiga and Fukuoka for a similar value.

Savills also highlights a strategic stake acquisition by BNP Paribas Asset Management and PGGM in ESR Yokohama Sachiura Distribution Centre 3. Meanwhile, Cabot Properties plans to invest over JPY30 billion in mid-sized logistics assets and completed its first Japan acquisition in Osaka in early 2026.

Domestic institutions remained active, with J-REITs completing several deals. Savills points to Mitsui Fudosan Logistics Park Inc. acquiring a four-asset portfolio for JPY40.3 billion, alongside transactions involving Japan Logistics Fund and Nippon Prologis REIT.

Overall, Savills emphasises that the scale and diversity of transactions in 2H 2025 reinforce the logistics sector’s position as a key investment target, supported by stable fundamentals and continued occupier demand.