Mitsubishi Estate Logistics REIT Investment Corporation

What Mitsubishi Estate Logistics REIT Investment Corporation does

Mitsubishi Estate Logistics REIT Investment Corporation (MEL) is a Tokyo-listed, logistics-focused J-REIT established in 2016 and listed on the Tokyo Stock Exchange REIT Market (Securities Code: 3481) on September 14, 2017. Sponsored by Mitsubishi Estate Co., Ltd. (三菱地所株式会社), one of Japan's largest integrated real estate developers, and managed by Mitsubishi Jisho Investment Advisors, Inc. (三菱地所投資顧問株式会社), MEL invests in and operates a portfolio of modern logistics facilities across Greater Tokyo (50.3%), Kansai (31.7%), Chubu (13.0%), and other Japanese regions. As of March 31, 2026, the portfolio comprised 35 properties across the MJ Logipark (MJロジパーク), Logicross (ロジクロス), Logiport (ロジポート), and LOGiSTA・Logicross sub-brands with a total acquisition price of ¥277.7 billion, achieving a 98.0% occupancy rate (May 31, 2026) and an average 99.8% occupancy since listing. Appraisal value stands at ¥3.279 trillion with ¥58.6 billion in unrealized gain.

Name

Mitsubishi Estate Logistics REIT Investment Corporation

Legal name

Mitsubishi Estate Logistics REIT Investment Corporation

Website

https://mel-reit.co.jp

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Mitsubishi Estate Logistics REIT is a Tokyo-listed J-REIT (TSE: 3481) sponsored by Mitsubishi Estate, operating a 35-property, ¥277.7 billion portfolio of modern logistics facilities across Japan, with strong ESG credentials and 99.8% average occupancy since listing in 2017.

Ownership category

akta.pro rank

Product category

Logistics Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Real Estate Property Managers (53131)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

akta.pro secondary industries

Industrial & Logistics Property Management (BPAJAGAC), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Logistics real estate
• REIT investment
• Property leasing
• Portfolio management
• Sustainable investment

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income: Primary revenue stream from leasing logistics facilities to tenants. Properties are leased under fixed-term building leases with green lease provisions. Average occupancy rate of 99.8% since listing.
2. Asset Management Fees: Three-component fee structure: (1) AUM-linked fee (up to 0.2% of total assets), (2) NOI-linked fee (up to 5.0% of adjusted NOI), (3) Unitholder performance-linked fee (up to 0.1% of market cap × TOPIX relative performance). J-REIT industry-first fully performance-linked fee structure.
3. Acquisition and Disposition Fees: Acquisition fees up to 1.0% of purchase price and disposition fees up to 0.5% of sale price for property transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Mitsubishi Estate Logistics REIT Investment Corporation (MEL) is a publicly listed Japanese REIT that invests in and operates a portfolio of modern logistics facilities across Japan. The REIT owns and leases 35 logistics properties (as of March 2026) with a total acquisition price of ¥277.7 billion, generating rental income that is distributed semi-annually to unitholders. The portfolio is managed by Mitsubishi Jisho Investment Advisors, Inc. and benefits from sponsor Mitsubishi Estate's development pipeline of high-specification logistics facilities.

Product overview

Mitsubishi Estate Logistics REIT Investment Corporation (MEL) operates as a logistics-focused J-REIT with a portfolio of 35 properties (as of March 2026) totaling 277.7 billion yen in acquisition price. The REIT's portfolio comprises multiple branded logistics facility sub-products: MJロジパーク (MJ Logipark), ロジクロス (Logicross), ロジポート (Logiport), and ロジスタ・ロジクロス茨木彩都. MEL's investment strategy targets logistics facilities (93.7% of portfolio) with strong focus on Tokyo metropolitan area (50.3%) and Kansai region (31.7%), and maintains 98.0% occupancy rate. The REIT offers investment units for trade on the Tokyo Stock Exchange (Code: 3481) with biannual dividend distributions.

Differentiator

Problem solved

Functional benefit

Products and services

• MEL Investment Units (Listed on TSE REIT Market, Code: 3481) Listed investment units of Mitsubishi Estate Logistics REIT Investment Corporation available for purchase through securities companies, eligible for NISA (Nippon Individual Savings Account) Growth Investment Framework. Units provide exposure to a portfolio of 35 logistics properties valued at ¥277.7 billion with semi-annual distributions.
• Green Finance Framework (Green Bonds and Sustainability-Linked Loans) ESG-linked financing program including green bonds and sustainability-linked loans used to fund acquisition of properties meeting environmental certification criteria. Total green finance of ¥36.8 billion, including ¥4.5 billion in green bonds. KPIs tied to GHG emissions, environmental certifications, and GRESB ratings.

Quantifiable outcome

• Average 99.8% occupancy rate since listing in September 2017
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Mitsubishi Estate Co., Ltd. (三菱地所株式会社)coreStrategic or Co-development Partner · 14 September 2017Primary sponsor and developer providing the REIT with a pipeline of logistics facility developments under the Logicross brand. Mitsubishi Estate is one of Japan's largest integrated real estate developers with extensive urban development operations. Provides tenant relationships and market intelligence.
• Mitsubishi Jisho Investment Advisors, Inc. (三菱地所投資顧問株式会社)coreImplementation/ SI/ Consulting Partner · 14 September 2017Asset management company (AMC) responsible for all investment and asset management operations. Established as a pioneer in real estate securitization. Licensed under the Financial Instruments and Exchange Act. Manages the REIT's portfolio, tenant relationships, and ESG initiatives.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Tokyo Logistics REIT, Inc. Pure-play Japanese logistics J-REIT also focused on the Tokyo metropolitan area, directly competing with MEL for institutional logistics tenants and acquisition targets.
• CRE Logistics REIT, Inc. Pure-play Japanese logistics J-REIT with a similar Tokyo/Kansai concentration focus, comparable mid-cap size, and similar mid-acquisition strategy. Direct competitor for the same pool of institutional logistics real estate.
• Daiwa House REIT Investment Corporation: Diversified J-REIT sponsored by Daiwa House Industry with a logistics sub-portfolio. Comparable as a J-REIT with logistics exposure, though broader in scope.
• Nippon Prologis REIT, Inc. Pure-play Japanese logistics J-REIT sponsored by Prologis, the global logistics real estate leader. Directly comparable asset class (logistics), geographic focus, and institutional investor base.
• SOSiLA Logistics REIT, Inc. Pure-play Japanese logistics J-REIT focused on Greater Tokyo and Kansai, with a comparable multi-tenant facility strategy and similar institutional investor target market.
• Mitsui Fudosan Logistics Park Inc. Pure-play Japanese logistics J-REIT sponsored by Mitsui Fudan, the closest direct competitor to MEL in the Tokyo/Kansai logistics segment with a comparable sponsor-driven external growth strategy and institutional investor base.

Broad incumbents

• Prologis, Inc. Global logistics real estate investment trust and the dominant global owner of logistics facilities, parent of Nippon Prologis REIT. Comparable asset class and operational philosophy at global scale.
• GLP J-REIT / ESR Group: Asia-Pacific logistics real estate platform with historical J-REIT presence (GLP J-REIT), serving as a major regional competitor and comparable institutional logistics real estate vehicle.

Others

• Mitsubishi Estate Co., Ltd. Sponsor and parent entity providing MEL with its pipeline of logistics facility developments. While not a peer in investment vehicle terms, it is the core strategic relationship and the source of MEL's external growth engine.
• Mitsubishi Jisho Investment Advisors, Inc. Asset management company that handles all of MEL's investment and asset management operations. A core operational service provider rather than a direct competitor, but materially related to MEL's performance and governance.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

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 Mitsubishi Estate Logistics REIT Investment Corporation