Expansion into Logistics Facility Development in Thailand: Our First Overseas Real Estate Development Project

May 22, 2025

We are pleased to announce our entry into the logistics facility development business in Thailand through a joint investment with Sena Development Public Company Limited (hereafter referred to as "Sena").

This project represents our company's first overseas real estate development project. It is part of an asset turnover business model aimed at improving asset and capital efficiency.
After the development, instead of holding the facilities long-term, we will operate them for a certain period before proceeding with asset sales and reinvestment to the next projects.

• Project Name: Banna KM23 Project
• Joint Venture: Established "SENA MLC 1 COMPANY LIMITED" with Sena
• Total Project Cost: Approximately 3 billion yen (Our investment ratio: 49%)
• Development Details: Construction of a logistics facility with a total floor area of approximately 25,000 square meters in Samut Prakan Province, near Bangkok
• Operational Strategy: Utilizing the networks of both our company and Sena to attract tenant companies and operate the facility

Site Area	Approxmately 41,000 square meters
Total Floor Area	Approxmately 25,000 square meters
Leasable Area	Approxmately 23,000 square meters
Construction Start	Scheduled for January 2026
Completion	Expected in December 2026

The development site is located in the Bangna area, approximately 23 kilometers east of Bangkok. It is about 20 kilometers from Suvarnabhumi International Airport and is conveniently situated near the Bangna-Trad Road, which connects Bangkok with major cities in eastern Thailand. This strategic location makes it an excellent distribution hub for deliveries within Bangkok.

Additionally, the site offers favorable access to the Eastern Economic Corridor (EEC), a special economic zone being developed by the Thai government to accommodate increasing logistics demand. The surrounding area is home to a significant number of Japanese companies, further enhancing its appeal as a prime business location.

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　MLT：Mitsubishi Logistics(Thailand)Co.,Ltd.(Our local subsidiary）

Prior to the Development:

On May 20, a signing ceremony was held at a hotel in Bangkok to formalize the partnership between the two companies. The comments from the presidents of both companies are as follows:

Our Company (President: Hideｃｈika Saito):
We are honored to embark on our first overseas real estate development project in collaboration with Sena, a leading developer in the region. The joint venture is named "SENA MLC 1," and we hope that this project will be successful and pave the way for a series of developments in partnership with Sena.

Sena (CEO: Theerawat Thanyalakphark and MD: Kessara Thanyalakpark):
Sena has extensive experience and a proven track record in real estate development in Thailand. We are recognized for our rich expertise in areas ranging from land acquisition to construction cost management. Our partnership with Mitsubishi Logistics, an expert in logistics and real estate operations, will enhance each other's strengths and enable the development of a more robust business model. This collaboration will contribute to raising the standards of the logistics industry in Thailand.

Strategic Vision:

Our company aims to achieve growth through a dual focus on logistics and real estate, while further expanding our overseas operations as part of our management plan [2025-2030]. We are committed to actively developing our real estate business in the ASEAN region.

Company Name	SENA Development Public Company Limited
Headquarters	448 Thanyalakpark Building Ratchadapisek Road, Samsen Nok, Huaykhwang, Bangkok, 10310, Thailand
Representative	Theerawat Thanyalakphark
Capital	1,826 million baht
Revenue	3,330 million baht (for the fiscal year ending December 2024)
Business Activities	Condominium sales, development and leasing of other real estate facilities, solar power generation business
Number of Employees	1,107 (as of December 2024)

Contact
Corporate Communications & Investor Relations Div.
Mail to: koho@mitsubishi-logistics.co.jp