ESR Cayman, AXA Investment Manager pays $368m for distribution center in Japan

ESR Cayman with its joint venture partner AXA Investment Managers – Real Assets has completed the acquisition of ESR Kuki Distribution Center from Redwood Japan Logistics Fund II (RJLF II) and co-investors for approximately $368 million.

The joint venture participated in the acquisition of a core stabilized logistics portfolio in Japan in late 2018. This JPY100+ billion ($950 million) portfolio is composed of interests in some of ESR’s highest quality assets in Japan, including ESR Fujiidera Distribution Centre in Osaka and ESR Namamugi Distribution Center in Tokyo, providing long-term, stable returns for investors.

The ESR Kuki DC transaction marks the largest single asset acquisition by the joint venture to date. Located in Saitama, Greater Tokyo, ESR Kuki DC is a four-story, double-ramp building with 151,501 square meters (tk square feet). Formerly the campus of the Tokyo University of Science, the site was rezoned by ESR, which in turn donated half of the land