LaSalle Investment Management, with about $48 billion in property assets, plans to sell a portfolio of warehouses in Japan, according to four people familiar with the matter.
The portfolio consists of nine storage buildings that at least one potential bidder values at as much as 85 billion yen ($902 million), said two of the people, who asked not to be named because the information is private. The properties are in Tokyo and Osaka, one of the people said.
Japan’s distribution centers are rebounding from record high vacancies in 2009 amid increased demand for modern storage facilities, according to broker CBRE Group Inc. Industrial spaces returned 6 percent on average for the year ended October, more than double that for office buildings, according to London- based Investment Property Databank Ltd.
Nazumi Sento, a Tokyobased spokeswoman for LaSalle at Arex Corp., a public relations company, declined to comment.
The vacancy rate in warehouses in Tokyo has declined to 3.7 percent in the fourth quarter of 2012 from a peak of 20 percent in September 2009, according to CBRE. The asking rents for logistic properties rose to 6,140 yen per tsubo in the second half of last year, the highest since at least 2005.