I would like to express my sincere gratitude to our unitholders for their continued support.

Industrial & Infrastructure Fund Investment Corporation (IIF) was listed on the Tokyo Stock Exchange in October 2007 as Japan's first J-REIT specializing in industrial properties. Since then, IIF has incorporated logistics facilities, manufacturing and R&D facilities, and infrastructure facilities that are expected to generate stable long-term returns into its portfolio, thereby building a unique portfolio unlike those of other J-REITs. Under our basic principle of “Invests in social infrastructure as a source of power for the Japanese economy and supports Japan’s industrial activities from the perspective of real estate”, even as the social environment in Japan and overseas changes significantly, we are working to secure a stable earnings base and continuously maximize unitholder value through asset management unique to IIF.
Furthermore, since KKR became our sponsor in 2022, in addition to property sourcing activities based on CRE (Corporate Real Estate) proposals, which has been a traditional strength of IIF, as part of deepening our CRE strategy through collaboration with the KKR Group and others, IIF has been promoting the acquisition of real estate assets carved out from companies as part of initiatives aimed at enhancing corporate value, pursuing external growth. For existing properties, IIF seeks to achieve further internal growth through increased rental income by maintaining strong relationships with tenants and conducting appropriate rent reviews and lease negotiations in light of the inflationary environment and trends in the leasing market.

IIF, together with its asset management company, KJR Management, will continue to make every effort to meet the expectations of our unitholders. We sincerely appreciate your continued support.


Kumi Honda
Executive Director
Industrial & Infrastructure Fund Investment Corporation