United Overseas Bank (UOB) and ESR announced that UOB Tokyo Branch and ESR Sachiura TMKs have signed a non-recourse ¥20 billion ($179 million) financing facility agreement for ESR’s land acquisition in Yokohama, Japan. ESR Sachiura TMKs are the onshore entities incorporated in Japan for the purpose of developing the ESR Yokohama Distribution Center project, one of the largest master-planned logistics parks in the country.
The transaction marks the first collaboration between UOB and ESR in Japan, and adds to the bank’s longstanding support of ESR’s expansion in other Asia Pacific markets, including China, Singapore and Australia.
“UOB has been an important partner of ESR in supporting our rapid business growth across the region,” said Stuart Gibson, ESR co-founder and co-CEO. “We are most delighted to extend this relationship further to Japan,
