Daiwa House Logistics Trust

What Daiwa House Logistics Trust does

Daiwa House Logistics Trust is a Singapore-listed real estate investment trust (REIT) listed on the SGX-ST under ticker DHLU/DHLT, focused on income-producing modern logistics and industrial properties across Asia. The trust was established in 2021 and sponsored by Daiwa House Industry Co., Ltd., a Tokyo Stock Exchange-listed construction and real estate developer founded in 1955. The portfolio comprises 19 properties with an aggregate net lettable area of approximately 499,000 square meters and an appraised value of S$825 million, spanning 18 properties across seven Japanese regions (Hokkaido, Tohoku, Greater Tokyo, Greater Nagoya, Chugoku, Shikoku, Kyushu) and one cold storage facility in Long An Province, Vietnam. Property configurations include build-to-suit (BTS) single-tenant warehouses (D Project series) and multi-tenant ready-built facilities (DPL series) built to high specifications including temperature-controlled storage, multi-storey ramp-up designs, LED lighting, 24-hour security, and solar power generation systems with 18.8 MWp of installed capacity across 13 properties. Seventeen of 19 properties carry BELS green building certification, with 9 rated at the highest 6-star level.

Name

Daiwa House Logistics Trust

Legal name

Daiwa House Logistics Trust

Website

https://daiwahouse-logisticstrust.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Daiwa House Logistics Trust is a Singapore-listed Asia-focused logistics REIT that owns and leases 19 modern warehouse properties (18 in Japan, 1 in Vietnam) totaling ~499,000 sqm with an S$825 million appraised value, serving enterprise tenants in 3PL, food distribution, retail, and cold chain logistics with semi-annual DPU distributions.

Ownership category

akta.pro rank

Product category

Logistics Real Estate Investment Trust (REIT)

NAICS

General Warehousing and Storage (49311), Warehousing and Storage (493), Refrigerated Warehousing and Storage (493120), Other Warehousing and Storage (49319)

SIC

Public Warehousing & Storage (4220), Real Estate Investment Trusts (6798)

akta.pro primary industry

Contract Warehousing / Dedicated Warehousing (Dry) (TLALAAAB)

akta.pro secondary industry

Dedicated / Captive Frozen Warehousing (Manufacturer/Retailer-Owned) (TLALACAK)

Keywords

• Logistics real estate
• REIT investment vehicle
• Modern warehouse properties
• Build-to-suit facilities
• Asia logistics leasing

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Finance or Interest, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income from Logistics Properties: Primary revenue stream from leasing modern logistics and industrial properties across Japan (18 properties) and Vietnam (1 property). Income is denominated in JPY and VND, with distributions converted to SGD for unitholders. Leases have weighted average remaining lease terms (WALE) of 6.3 years as of March 2026.
2. Solar Panel Leasing Income: Rooftop and available spaces leased to solar power operators (Daiwa Energy) for renewable energy generation, providing additional income stream and supporting environmental credentials.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Daiwa House Logistics Trust owns, leases, and manages a portfolio of 19 modern, high-specification logistics properties across Japan and Vietnam. The trust generates rental income from build-to-suit and multi-tenant warehouse facilities serving 3PL operators, food distributors, e-commerce, and retail tenants, then distributes the net income to unitholders semi-annually. Property features include temperature control, multi-storey ramp-up design, solar power, and BELS green certifications.

Product overview

Daiwa House Logistics Trust is a Singapore-listed Real Estate Investment Trust (REIT) that operates as a portfolio of 19 modern logistics properties across Japan (18 properties) and Vietnam (1 property). The portfolio comprises a mix of built-to-suit (BTS) single-tenanted and multi-tenanted warehouse properties totaling approximately 499,000 sqm in net lettable area with an appraised value of S$825 million. Properties include DPL-branded multi-tenant facilities and D Project BTS warehouses serving 3PL operators, food distributors, e-commerce fulfillment, and cold storage tenants. The portfolio features green certifications (BELS-rated), solar panel installations (18.8 MWp total capacity), and temperature-controlled facilities for frozen/chilled food logistics.

Differentiator

Problem solved

Functional benefit

Products and services

• DPL Sapporo Higashi Kariki
• DPL Sendai Port A two-storey multi-tenant logistics warehouse in Miyagi, Tohoku region with 63,119 sqm NLA, temperature-controlled facilities, LED lighting, and 204 parking bays for distribution and cold storage tenants.
• DPL Koriyama A single-storey multi-tenant logistics warehouse in Fukushima with 34,174 sqm NLA located in Koriyama Chuo Industrial Park, featuring LED lighting and 197 parking bays.
• D Project Nagano Suzaka S A two-storey build-to-suit warehouse in Nagano prefecture with 9,810 sqm NLA, built for Itochu Shokuhin as a food distribution centre with 90 parking bays.
• D Project Maebashi S A two-storey build-to-suit warehouse in Gunma prefecture with 14,736 sqm NLA, built for Mitsubishi Shokuhin with temperature control facilities for frozen and chilled food storage.
• D Project Kuki S A three-storey build-to-suit warehouse in Saitama with 18,257 sqm NLA, occupied by Kato Sangyo for food products distribution with 76 parking bays.
• DPL Ibaraki Yuki A two-storey multi-tenant warehouse in Ibaraki, Greater Tokyo with 13,421 sqm NLA, solely leased to Mitsubishi Shokuhin with 24-hour security and LED lighting.
• DPL Gunma Fujioka A single-storey multi-tenant warehouse in Gunma with 22,514 sqm NLA, equipped with 2.5 MWp solar panels and 73 parking bays.
• D Project Misato S A three-storey build-to-suit warehouse in Saitama with 14,877 sqm NLA, built for Suntory Logistics with 41 parking bays.
• D Project Iruma S A three-storey build-to-suit warehouse in Saitama with 14,582 sqm NLA, built for Tokyo Logistics Factory for F&B, medicines, and industrial materials with temperature control facilities.

Quantifiable outcome

• 87.8% portfolio occupancy with 16 of 19 properties fully occupied as at 31 March 2026
• +4 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• KPMG Services Pte. Ltd.coreImplementation/ SI/ Consulting Partner · 2 May 2024Outsourced compliance function to KPMG Services Pte. Ltd. to support compliance with regulatory requirements under SFA, CIS Code, Listing Manual, and CMS Licence. KPMG reports to CEO and Board through Chief Risk Officer.
• HSBC Institutional Trust Services (Singapore) LimitedcoreOthers · 19 November 2021HSBC Institutional Trust Services (Singapore) Limited serves as the Trustee of Daiwa House Logistics Trust, holding and managing the trust's assets for the benefit of unitholders.
• Ernst & Young LLPcoreOthers · 19 November 2021Ernst & Young LLP serves as the independent auditors of Daiwa House Logistics Trust. Partner-in-charge is Mr Nelson Chen (from FY2022).
• Boardroom Corporate & Advisory Services Pte. Ltd.coreOthers · 19 November 2021Boardroom Corporate & Advisory Services Pte. Ltd. serves as the Unit Registrar of Daiwa House Logistics Trust, managing the unitholder register and unit registration.
• Daiwa House Industry Co., Ltd.flagshipStrategic or Co-development PartnerDaiwa House Industry Co., Ltd. (DHI/Sponsor) is TSE-listed (founded 1955) and one of Japan's largest construction and real estate development companies. Sponsor provides ROFR for logistics assets, deal sourcing, property management, and solar panel operations (Daiwa Energy). DHI holds a stake in the trust as substantial unitholder.
• Daiwa Energy (Daiwa House Group)minorStrategic or Co-development PartnerDaiwa Energy operates solar power generation systems on rooftops of DHLT properties (total 18.8 MWp capacity), generating additional income for the trust through rooftop leasing arrangements.
• Independent Property ValuerscoreOthersProperties independently valued by CBRE K.K., Savills Japan Valuation G.K., JLL Morii Valuation & Advisory K.K., and Jones Lang Lasalle (Vietnam) Company Limited as at 31 December 2025.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Mapletree Industrial Trust: SGX-listed industrial REIT focused on data centres and industrial/logistics properties across Singapore, North America, and Asia. Competes with DHLT for Singapore-listed industrial REIT capital and operates a similar asset-light yield-driven model.
• Mapletree Logistics Trust: SGX-listed Asia-focused logistics REIT with a large portfolio of modern warehouses across Singapore, Japan, China, Hong Kong, Australia, South Korea, Malaysia and Vietnam. It is the most direct competitor to DHLT in the Asia logistics REIT space, and DHLT's CFO previously served as Head of Treasury at the Mapletree Logistics Trust manager.
• Industrial & Infrastructure Fund Investment Corporation: J-REIT investing in industrial and infrastructure properties in Japan, including logistics facilities. As a Japanese industrial REIT with logistics exposure, it provides a domestic comparable for DHLT's Japan-dominant portfolio.
• CapitaLand Ascendas REIT: Singapore-listed industrial REIT with a broad portfolio of logistics, warehouse, and business space properties. As one of the largest Singapore-listed REITs, it competes with DHLT for institutional capital and provides a benchmark for the broader Asia industrial REIT category.
• ESR-REIT: SGX-listed REIT (formerly known as Viva Industrial Trust and later ESR-REIT) investing in industrial and logistics properties across Singapore. Operates as a direct competitor in the Asia logistics/industrial REIT space with a focus on modern, high-specification warehouse assets.
• GLP J-REIT: J-REIT sponsored by GLP investing in modern logistics properties across Japan. Operates with a similar modern, high-specification logistics focus as DHLT and competes for the same pool of Japanese institutional capital and tenants.
• Nippon Prologis REIT: J-REIT sponsored by Prologis that owns a portfolio of Class A logistics facilities across Japan. As a Japan-dedicated logistics REIT with a multinational sponsor, it is a direct comparable for DHLT's Japanese logistics properties and pricing dynamics.
• AIMS AMP Capital Industrial REIT: SGX-listed REIT investing in industrial and logistics properties across Singapore, with a portfolio of modern warehouses and business parks. Serves a similar institutional investor base and competes for capital with DHLT in the Singapore-listed industrial REIT category.
• Sabana Industrial REIT: SGX-listed REIT holding a portfolio of industrial and logistics properties in Singapore. While smaller and Singapore-focused, it competes in the same Singapore-listed industrial REIT category as DHLT.
• Frasers Logistics & Commercial Trust: SGX-listed REIT (merged from Frasers Commercial Trust and Frasers Logistics & Industrial Trust) with logistics and commercial properties across Singapore, Australia, Germany, and the UK. Provides Asia-Australia logistics REIT comparable benchmarks.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

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 Daiwa House Logistics Trust