CRE Logistics REIT

What CRE Logistics REIT does

CRE Logistics REIT (TSE: 3487) is a Japanese real estate investment trust (J-REIT) listed on the Tokyo Stock Exchange and externally asset-managed by CRE, Inc.'s group companies. The trust specialises in mid-size logistics facilities operated under the "LogiSquare" brand, holding 21 properties with a portfolio value of approximately ¥159.9 billion and a 98.1% portfolio occupancy rate. Its sponsor CRE, Inc. brings 60+ years of logistics real estate development experience and supplies the acquisition pipeline.

The portfolio is geographically concentrated in Greater Tokyo (72.6%) and Kansai (25.6%), aggregating 98.2% of assets in Japan's two largest logistics markets. Tenancy is diversified across 36 corporate tenants using single-, semi-multi-, and multi-tenant configurations, with end-user demand from 3PL operators, e-commerce, and retail/distribution firms. Revenue is generated through fixed and long-term lease contracts on owned logistics facilities, with reported period 19 (July–December 2025) operating revenue of ¥4,762 million and a distribution per unit of ¥3,883.

The capital structure comprises ¥68.6 billion of interest-bearing debt across 17 financial institutions, and the trust has received upgraded credit ratings of AA- (JCR) and A Positive (R&I) in June 2026. Founded in 2016 and IPO'd in February 2018, the REIT has scaled its portfolio from 2 to 21 properties through multiple public offerings. It maintains GRESB 5 Stars for 2025 and a Green Star designation for the fifth consecutive year, supporting continued access to ESG-tilted debt and equity capital.

Name

CRE Logistics REIT

Legal name

CRE Logistics REIT, Inc.

Website

https://cre-reit.co.jp

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

CRE Logistics REIT (TSE: 3487) is a J-REIT specialising in mid-size logistics facilities under the "LogiSquare" brand, holding 21 properties worth ¥159.9 billion concentrated in Greater Tokyo and Kansai and leased to 36 tenants across 3PL, e-commerce, and retail sectors.

Ownership category

akta.pro rank

Product category

Logistics Real Estate REIT

NAICS

Warehousing and Storage (493), General Warehousing and Storage (493110)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

akta.pro secondary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Logistics real estate
• Industrial REIT
• Warehouse leasing
• Asset management services
• Distribution facilities

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Rental Revenue from Logistics Facilities: Primary revenue stream from leasing logistics facilities (warehouses) to tenants. Properties include box-type, low-level, slope-type, and rampway-type logistics facilities. Revenue is generated through monthly rent payments under long-term lease agreements with single, semi-multi, and multi-tenant configurations.
2. Investment Management Fees: Asset management fees paid to CRE REIT Advisers, Inc. consisting of: Asset Management Fee 1 (0.3% of total assets), Asset Management Fee 2 (linked to net income and DPU), and Acquisition Fees (1.0% of acquisition price, 0.5% for related party transactions).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

CRE Logistics REIT is a publicly listed Japanese Real Estate Investment Trust (J-REIT) that acquires, owns, and leases specialized logistics facilities developed under the proprietary LogiSquare brand by its sponsor CRE, Inc. The portfolio of 21 properties totaling 159.9 billion yen is concentrated in Greater Tokyo (72.6%) and Kansai (25.6%), leased to corporate logistics operators via long-term rental agreements. Revenue is generated through recurring rental income and asset management fees, with distributions paid semi-annually to unitholders.

Product overview

CRE Logistics REIT is a J-REIT (Japan Real Estate Investment Trust) specializing in logistics facilities, listed on the Tokyo Stock Exchange (Securities Code: 3482). The REIT operates as a single unified investment vehicle focused on acquiring, owning, and managing quality logistics-related facilities developed under the LogiSquare brand by sponsor CRE, Inc. The portfolio consists of 21 properties totaling 159,934 million yen in acquisition price, including Box Type, Low-level Type, Slope Type, and Ramp way Type logistics facilities. The company also utilizes Green Finance instruments (Green Bonds and Green Loans) to fund sustainable property acquisitions. CRE Logistics REIT leverages the 60+ years of logistics real estate experience of the CRE Group for property management, tenant relations, and external growth through sponsor pipeline.

Differentiator

Problem solved

Functional benefit

Brands

• LogiSquare (ロジスクエア): Brand name for high-quality logistics facilities developed by CRE that meet tenant needs in terms of location, basic specifications, expandability, and comfortability. The REIT focuses on investing in LogiSquare properties.

Products and services

• LogiSquare Logistics Facilities Proprietary brand of high-quality logistics facilities developed by CRE Group that meet tenant needs in terms of location, basic specifications, expandability, and comfortability. Encompasses four facility configurations (Box, Low-level, Slope, Rampway) and serves 3PL providers, e-commerce fulfillment operators, retailers, and manufacturers requiring modern warehouse space across Greater Tokyo and Kansai.
• Box Type Logistics Facilities Multi-level (3-4 floors) logistics facilities in strategic urban locations emphasizing floor area ratio utilization, with exceptional storage functionality for tenants focused on cargo storage. Distributed to corporate logistics tenants.
• Low-level Type Logistics Facilities Single to two-level facilities with convenient loading/unloading access, suitable for both storage and collection/delivery functions for tenants focused on operational efficiency. Distributed to corporate logistics tenants.
• Slope Type Logistics Facilities Multi-level facilities (3+) with slopes enabling trucks to directly access upper floors, offering convenience of two-level facilities while maximizing floor area ratio in high-demand locations. Distributed to corporate logistics tenants.
• Rampway Type Logistics Facilities Facilities with rampways enabling direct truck access to each floor, offering excellent collection/delivery functionality and enabling fine space division for multi-tenant configurations. Distributed to corporate logistics tenants.
• Green Finance (Green Bonds and Green Loans) Green finance instruments including green bonds and green loans used to fund acquisitions of properties meeting green building certification criteria (CASBEE, BELS, DBJ Green Building), with funds earmarked for environmentally sustainable logistics facilities. Includes Green Equity offerings aligned with green equity framework externally evaluated by DNV.

Quantifiable outcome

• 98.1% portfolio occupancy rate
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• CRE REIT Advisers, Inc. (ＣＲＥリートアドバイザーズ株式会社)coreStrategic or Co-development PartnerAsset management company (AMC) responsible for managing CRE Logistics REIT's assets. Registered with Kanto Local Finance Bureau (Reg. No. 120) for investment management. 100% owned by CRE, Inc. Capital: 50 million yen.
• PwC Japan LLC (有限責任監査法人PwC Japan)coreOthersExternal auditor providing independent audit services since establishment in May 2016. Ensures financial statement accuracy and compliance.
• Mizuho Trust Bank, Ltd. (みずほ信託銀行株式会社)coreOthersMajor unitholder (28,470 units, 4.64%) and unitholder registry administrator. Provides investment unit management services.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Prologis: Global logistics REIT leader and sponsor of Nippon Prologis REIT. Comparable as the global benchmark for logistics REIT investment strategy and operating model, though operating at much larger scale and globally diversified across the Americas, Europe, and Asia.
• SEGRO: UK-listed global logistics REIT. Comparable as a major international logistics REIT with similar modern-spec facility focus and tenant base in 3PL and e-commerce, though primarily focused on European markets at substantially larger scale.

Direct peers

• Nippon Prologis REIT: Japan's largest logistics-focused J-REIT, sponsored by Prologis. Directly comparable as a Tokyo-listed REIT specializing in modern logistics facilities with a similar tenant base of 3PL and e-commerce operators across the same Japanese logistics corridors.
• Industrial & Infrastructure Fund Investment Corporation (IIF): J-REIT investing in logistics and infrastructure assets formed via merger of Japan Logistics Fund. Comparable as a Tokyo-listed REIT with logistics property exposure and similar institutional investor base, though more diversified across asset types.
• LaSalle Logistics REIT: J-REIT sponsored by LaSalle Investment Management specializing in logistics facilities. Directly comparable as a Tokyo-listed REIT focused on logistics properties with similar institutional investor dynamics and acquisition-driven growth strategy.
• Daiwa House REIT: Diversified J-REIT sponsored by Daiwa House with a significant logistics property component. Comparable as a Tokyo-listed REIT with logistics real estate exposure, though also includes office and retail properties providing a more diversified asset base.
• GLP Japan: Logistics-focused investment vehicle in Japan backed by GLP, the global logistics real estate operator. Directly comparable as a logistics real estate sponsor/manager offering similar modern logistics facilities to 3PL and e-commerce tenants in Japan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/results?search_query=CRE+Logistics+REIT

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CRE Logistics REIT