Mapletree acquires industrial property in Tokyo

PETALING JAYA: Singapore-based real estate capital management company, Mapletree Investments Pte Ltd has acquired an industrial property, the IXINAL Monzen-Nakacho, from ITOCHU Corp and ITOCHU Property Development in Tokyo, Japan.

The IXINAL Monzen-Nakacho is a 5-storey purpose-built light industrial building housing a corporate headquarters, information systems development and operations-cum-data centre.

“The acquisition of this property from our strategic partner, ITOCHU Corp also reinforces our strong relationship which extends beyond our collaboration in the logistics market in Japan and other parts of Asia,” said Mapletree Industrial chief executive officer Phua Kok Kim in a statement on March 29.

The property is located in Monzennaka-cho, Koto-ku, Tokyo.

"Due to its lower land cost and proximity to Tokyo’s Central Business District, which is a 10-minute drive away, as well as its accessibility from Haneda and Narita international airports, Koto-ku has become a popular location as headquarters for leading Japanese blue-chip companies," he added.

Completed in September 2009, IXINAL Monzen-Nakacho Building is a freehold property with a net floor area of 6,852 sq m (2,073 tsubo) and sited on a land area of 2,788 sq m (843 tsubo).