Singapore’s Redwood Group has continued its rapid expansion in the Japanese logistics real estate market with the build of two new distribution centres in the greater Osaka area, with a combined value of more than 120 billion Japanese Yen (more than €925 million).
According to Redwood, the first centre in Nanko, a 15-minute drive from Osaka CBD, will boast some 250,000 m2 of Gross Floor Area, making it one of the largest logistics real estate developments in Japan.
The second development in Higashi is designed as a five-storey warehouse with a total GFA of over 150,000 m2.
Charles de Portes and Stuart Gibson (President and CEO respectively), commented, “We are thrilled to announce these developments. Each is carefully located and designed to service with efficiency, safety and environmental sensitivity the logistics needs of our domestic and international clients.”
The company’s Managing Director Japan, Hideaki Matsunami and Business Development Director, Atsushi Maeda, added, “Underlining the strong demand in the region, the vacancy rate for industrial and logistics properties in the Greater Osaka region is at an all-time low of 0.4 per cent compared to Greater Tokyo of 3.8 per cent, making it difficult for firms to find enough quality space to meet their needs.
“Given the high visibility of both projects coupled with shortage of supply, we are honored that prospective tenants have been proactively contacting us about both locations.”
Redwood also commenced construction on its Chibakita DC, strategically located in the Chiba Prefecture, one of the most important distribution regions in Greater Tokyo.