ESR Cayman and its subsidiaries, the largest Asia Pacific–focused logistics real estate platform, has held an initial closing for the ESR Japan Income Fund (JIF) with $750 million of equity commitments.
JIF received a sponsor and cornerstone commitment from a major Asian sovereign wealth fund. Three other commitments came from existing investor relationships as well as a new investment partner. ESR is planning to grow the fund to more than $10 billion over the next five years.
The fund’s 618,000-square-meter (6.6 billion-square-foot) seed portfolio consists of four state-of-the-art distribution centers in Osaka, Japan, which were developed by ESR-managed development vehicles.
“The secular trends fueling modern logistics real estate growth are still nascent,” said Stuart Gibson, co-founder and co-CEO of ESR. “Logistics facilities are getting larger and larger to meet the increasingly complex needs of the tenants, and we are now seeing $1 billion warehou
