ESR adds new modern logistics facility to Greater Tokyo portfolio
ESR Cayman has plans to develop another modern logistics facility, ESR Ukishima Distribution Centre, on a 32,227-square-meter (347,000-square-foot) logistics development site the company acquired in the Greater Tokyo Bay Area. The total expected investment is estimated to be ¥24 billion ($215 million).
ESR Ukishima DC will be one of the prime assets held by ESR Japan Logistics Fund III (RJLF3), which is a development fund ESR set up with APG and an Asia-based sovereign wealth fund in 2019 with an initial investment capacity of ¥200 billion ($1.8 billion) focusing on the development and investment of modern, institutional-grade facilities in the largest metropolitan areas of Japan.
With this new development, ESR continues to expand its network in Japan and across Asia Pacific given the strong secular trends and growth in both logistics and e-commerce, taking into account the new dynamics of COVID-19. Recent events have not only accelerated online consumption and struc