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Fundraising - OCTOBER 21, 2021

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ESR Cayman raises $750m in first closing of Japan Income Fund

by Kali Persall

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

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