e-Shang Redwood receives $100m commitment
The State Oil Fund of Azerbaijan has committed $100 million to e-Shang Redwood. This is the first investment by SOFAZ into the Japanese logistics real estate market with ESR.
“This investment is consistent with our strategy of identifying through rigorous diligence and then committing to the most compelling and focused strategies by geography and asset class,” said Shahmar Movsumov, executive director of SOFAZ, in a statement. “Development of state-of-the-art logistics real estate in Japan, which has witnessed increasing levels of demand associated with growth of e-commerce industry, particularly in Tokyo and Osaka, is such a strategy and complements well our existing real estate portfolio.”
Rapid growth in the operations of third-party logistics companies and the e-commerce sector, combined with Japan's stable overall economy and the shortage of modern warehouse space (less than 10 percent of the total market supply), has made the