Yokohama Reito's board decided on July 23, 2026 to move four of its logistics properties into a trust structure and sell the resulting trust beneficiary rights to Godo Kaisha Octopus, a special-purpose vehicle set up by the real estate investor Bentall GreenOak Japan (BGO K.K.). The frozen and chilled logistics operator expects to book an extraordinary gain of roughly ¥5.9bn on the sale in the fiscal year ending September 2026, and it will keep running all four sites under new lease agreements with the buyer.
The deal executes a strategic partnership Yokohama Reito signed with Bentall GreenOak in November 2025, after roughly eight months of talks over how to put it into practice. Neither the sale price nor the total lease payments were disclosed, at the buyer's request; the company says pricing is anchored to an independent real estate appraisal and checked against price quotes it collected from other property firms.
The four properties are the Tokyo Haneda Logistics Center in Ota-ku, the Kazo Logistics Center in Saitama, the Tsukuba Logistics Center in Ibaraki, and the Nagaoka CONNECT Logistics Center in Niigata, which is still under construction.
| Property | Location | Land area | Building area |
|---|---|---|---|
| Tokyo Haneda Logistics Center | Ota-ku, Tokyo | 10,900.92 sqm | 15,840.60 sqm |
| Kazo Logistics Center | Kazo, Saitama | 10,029.89 sqm | 18,464.08 sqm |
| Tsukuba Logistics Center | Tsukuba, Ibaraki | 15,513.55 sqm | 20,694.80 sqm |
| Nagaoka CONNECT Logistics Center | Nagaoka, Niigata | 21,290.64 sqm | 21,869.13 sqm (planned, under construction) |
Management says the point of the transaction is to free up capital for growth rather than to shrink the business. Proceeds tied to the Haneda site are earmarked for a new facility in the same port district, where the company says warehouse supply is extremely tight. Money released from Kazo and Tsukuba is meant to fund future hub development along the Ken-O Expressway corridor, an area of strong demand for high-turnover chilled cargo. Nagaoka CONNECT is the first joint project under the Bentall GreenOak partnership and marks Yokohama Reito's first logistics foothold on Japan's Sea of Japan coast.
The transfer and leaseback for the three completed properties are due to close on July 31, 2026. Because the Nagaoka building is not yet finished, its trust agreement, beneficiary transfer, and lease start are targeted for October 1, 2026, and the company warns those dates could shift depending on construction progress.
The company set up an internal Real Estate Securitization Verification Committee, including outside experts, to review which properties to sell, whether the pricing made economic sense, and the fairness of the deal terms; findings went to the full board, including outside directors, before the resolution. Yokohama Reito also says the buyer has no capital, personnel, or business ties to it and is not a related party.
What is still open: the company has not said how the ¥5.9bn gain will move its full-year earnings guidance, saying that question is being reviewed alongside third-quarter results and will be addressed if a forecast revision is needed.