Mapletree Investments signs MOU with Japan’s ITOCHU Corp

Mapletree Investments has signed a Memorandum of Understanding (MOU) on a joint venture with Japan’s ITOCHU Corporation to undertake “Build-to-Suit” development projects for logistics tenants in Japan.

The companies agreed to extend their collaboration on investment and development of logistics, retail, industrial and commercial real estate projects in Japan, Singapore and the rest of Asia.

The extension of this strategic alliance for a further two years was done through another MOU.

This is the second extension of the MOU, which was first signed in October 2005 to collaborate in logistics real estate and extended in November 2007 through a Supplemental MOU (SMOU), in order to expand the scope of collaboration.

Mr Hiew Yoon Khong, CEO, Mapletree said: “We are delighted to continue our mutually successful and enriching partnership with ITOCHU. The October 2005 MOU and November 2007 SMOU facilitated Mapletree’s entry into the logistics real estate market in Japan.

“Through our collaboration with ITOCHU, Mapletree has been able to establish its footprint in the logistics real estate market in Japan with the acquisition of seven logistics assets in Japan, worth a total of S$571 million.

“ITOCHU is also now an investor in our Mapletree Industrial Trust (MIT) which holds the S$1.7 billion industrial assets privatised by JTC Corporation.”

Source : Channel NewsAsia – 6 Dec 2009