January 21, 2026
Japan Logistics Fund, Inc. (Security Code: 8967) Representative: Seiichi Suzuki, Executive Director
Mitsui & Co., Logistics Partners Ltd. Representative: Seiichi Suzuki, President & CEO Contact: Shintaro Miyata, Chief Financial Officer TEL +81-3-3238-7171
Notice Concerning the Determination of Planned Acquisition Price and Planned Disposition Price of Domestic Real Estate Trust Beneficiary Rights through Asset Swaps
(Acquisition: Funabashi Nishiura Logistics Center III, Disposition: Ichikawa Logistics Center II [quasi-co-ownership interest: 54%])
Japan Logistics Fund Inc. (hereafter referred to as "JLF") announces that, with respect to the acquisition of Funabashi Nishiura Logistics Center III (hereinafter referred to as "The Planned Acquisition Asset") and the disposition of Ichikawa Logistics Center II (54% quasi-co-ownership interest) (hereinafter referred to as "The Planned Disposition Asset") through swaps (hereinafter referred to as "The Swaps"), as stated in the "Notice Concerning the Acquisition and Disposition of Domestic Real Estate Trust Beneficiary Rights through Swaps and the Acquisition of Domestic Real Estate Trust Beneficiary Rights, as well as the Resulting Dissolution and Commencement of Lease Agreements for Operating Assets" dated January 16, 2025 (hereinafter referred to as "The January 16, 2025 Release"), JLF has executed a memorandum with Nippon Prologis REIT, Inc. (hereinafter referred to as "The Swap Counterparty") regarding the value of beneficial interests and swap difference, and determined the planned acquisition price and planned disposition price (hereinafter referred to as "The Determination").
Background of the Determination
As stated in the January 16, 2025 Release, under the trust beneficiary rights swap agreement related to the Swaps, the planned acquisition price of the Planned Acquisition Asset and the planned disposition price of the Planned Disposition Asset were to be determined by the end of January 2026 based on the appraisal values obtained by JLF and the Swap Counterparty as of a date within three months prior to the first planned swap date, in accordance with the calculation method specified in the agreement. Both parties have now obtained the appraisal, and today executed a memorandum to determine the planned acquisition price, planned disposition price, and the swap difference.
Overview of the Determination
Planned Acquisition Asset
Planned Disposition Asset
Property number
M-43
M-18
Name of the property
Funabashi Nishiura Logistics Center III
Ichikawa Logistics Center II (54% quasi-co-ownership
interest)
Date of contract
January 16, 2025
Swap counterparty
Nippon Prologis REIT, Inc.
Planned date of swap, etc. (Note 2)
Planned date of swap
Planned
acquisition price (Note 3)
Planned disposition
price (Note 3)
Difference (Note 3)
First: February 2, 2026
5,181
million yen
4,960
million yen
221
million yen
Second: August 3, 2026
5,181
million yen
4,960
million yen
221
million yen
Third: February 1, 2027
5,338
million yen
4,960
million yen
378
million yen
Total
15,700
million yen
14,880
million yen
820
million yen
Appraisal value
16,740 million yen
14,880 million yen (Note 4)
Intermediary
None
Funds for swap
Borrowings and funds on hand (Note 5)
Payment method
Lump-sum payment on the date of swap
Swap assets
Trust beneficiary rights based on domestic real estate as trust assets
(Note 1) Amounts have been rounded down to the nearest million yen. The same applies hereafter for units of million yen.
(Note 2) The Swaps are scheduled to be carried out in three times. The ratio of the quasi-co-ownership interests involved in the acquisition is 33% for the first and second times and 34% for the third time, while for the disposition, it is 18% for each time.
(Note 3) The amounts stated above are as specified in the memorandum regarding the value of beneficial interests and swap difference for the Planned Acquisition Asset and the Planned Disposition Asset (both excluding consumption tax and local consumption tax).
(Note 4) Based on the price corresponding to an 18% quasi-co-ownership interest and calculated for a 54% quasi-co-ownership interest.
(Note 5) Part of the funds for the Swaps announced in the January 16, 2025 Release has been changed.
(Note 6) JLF plans to apply reduction entries under the provisions of Article 50 of the Corporation Tax Law of Japan, "inclusion in deductible expenses of the amount of reduction of assets acquired through a swap," and carry out reduction entries for the Planned Acquisition Asset.
Overview of the Planned Acquisition Asset and the Planned Disposition Asset For details, please refer to the January 16, 2025 Release.
Outlook
There is no change to the forecast for the six-month period ending July 2026 (from February 1, 2026 to July 31, 2026) in the "REIT Financial Report for the six-month period ended July 31, 2025 (The 40th period)" which was announced on September 12, 2025 as the impact of the Swaps has already been factored in.
Outline of the appraisal
Outline of the appraisal | |
Appraisal value | 16,740 million yen |
Appraiser | Japan Valuers Co., Ltd. |
Timing of pricing | December 19, 2025 |
Category | Description | Overview | |||
Income approach | 16,740 million yen | ||||
Direct capitalization approach | 16,860 million yen | ||||
Operating revenues | Not disclosed (Note 2) | ||||
Total potential revenue | Not disclosed (Note2) | ||||
Vacancies and other losses, etc. | Not disclosed (Note 2) | ||||
Operating expenses | Not disclosed (Note 2) | ||||
Maintenance expenses | Not disclosed (Note 2) | ||||
Utilities | 29 million yen | ||||
Maintenance and repairs | 12 million yen | ||||
PM fee | Not disclosed (Note 2) | ||||
Tenant recruitment costs | Not disclosed (Note 2) | ||||
Real estate taxes | 81 million yen | ||||
Property insurance premium | Not disclosed (Note 2) | ||||
Other expenses | 10 million yen | ||||
Net operating revenues | 675 million yen | ||||
Investment gain on lump-sum payment | Not disclosed (Note 2) | ||||
Capital expenditures | Not disclosed (Note 2) | ||||
Net revenues | 659 million yen | ||||
Cap rate | 3.9% | ||||
Price under DCF approach | 16,620 million yen | ||||
Discount rate | 3.7% | ||||
Terminal cap rate | 4.1% | ||||
Cost approach | 9,950 million yen | ||||
Land (percentage) | 79.9% | ||||
Building (percentage) | 20.1% | ||||
Matters taken into consideration in deciding the appraisal value | Not applicable | ||||
(Note 1) Appraisal reports have been obtained for the main building and the annex respectively, and the combined figures are presented. (Note 2) JLF does not disclose these items because their disclosure may enable the lease terms and level of fees to be estimated, which could have a negative impact on the efficient operations of JLF and harm the interests of its unitholders. | |||||
Outline of the appraisal | |
Appraisal value | 14,880 million yen |
Appraiser | Tanizawa Sogo Appraisal Co., Ltd. |
Timing of pricing | December 19, 2025 |
Category | Description | Overview | |||
Income approach | 14,880 million yen | ||||
Direct capitalization approach | 14,580 million yen | Based on the price corresponding to an 18% quasi-co-ownership interest (4,860 million yen) and calculated for the price equivalent to a 54% quasi-co-ownership interest in the property. | |||
Operating revenues | Not disclosed (Note 2) | ||||
Total potential revenue | Not disclosed (Note 2) | ||||
Vacancies and other losses, etc. | Not disclosed (Note 2) | ||||
Operating expenses | Not disclosed (Note 2) | ||||
Maintenance expenses | Not disclosed (Note 2) | ||||
Utilities | 72 million yen | ||||
Maintenance and repairs | 21 million yen | ||||
PM fee | Not disclosed (Note 2) | ||||
Tenant recruitment costs | Not disclosed (Note 2) | ||||
Real estate taxes | 109 million yen | ||||
Property insurance premium | Not disclosed (Note 2) | ||||
Other expenses | 1 million yen | ||||
Net operating revenues | 1,015 million yen | ||||
Investment gain on lump-sum payment | Not disclosed (Note 2) | ||||
Capital expenditures | Not disclosed (Note 2) | ||||
Net revenues | 970 million yen | ||||
Cap rate | 3.6% | ||||
Price under DCF approach | 15,000 million yen | Based on the price corresponding to an 18% quasi-co-ownership interest (5,000 million yen) and calculated for the price equivalent to a 54% quasi-co-ownership interest in the property. | |||
Discount rate | 3.4% / 3.5% | ||||
Terminal cap rate | 3.7% | ||||
Cost approach | 16,620 million yen | Based on the price corresponding to an 18% quasi-co-ownership interest (5,540 million yen) and calculated for the price equivalent to a 54% quasi-co-ownership interest in the property. | |||
Land (percentage) | 74.0% | ||||
Building (percentage) | 26.0% | ||||
Matters taken into consideration in deciding the appraisal value | Not applicable |
(Note 1) Based on the price corresponding to an 18% quasi-co-ownership interest and calculated for a 54% quasi-co-ownership interest. However, the figures for the revenues and expenditures concerning the "Direct capitalization approach" are provided for the entire property (100%). (Note 2) JLF does not disclose these items because their disclosure may enable the lease terms and level of fees to be estimated, which could have a negative impact on the efficient operations of JLF and harm the interests of its unitholders. | |
(End)
*JLF's website: https://8967.jp/en/