ESR Cayman Limited announced a JPY 75 billion ($675 million) expansion of ESR Japan Logistics Fund III (RJLF3), a development joint venture established with Dutch pension fund APG and a global institutional investor.
The new capital has effectively doubled the size of RJLF3 to JPY 150 billion ($1.35 billion) in total capital commitment, bringing the total investment capacity to as much as JPY 470 billion ($4.2 billion) over time.
RJLF3 was established in 2019 with an initial capital commitment of JPY 75 billion to focus on the development of large-scale, state-of-the-art logistics facilities in the major metropolitan areas of Japan. Since its inception, JPY 65 billion ($587 million) has been committed into five projects, namely ESR Higashi Ogishima A Distribution Centre (Tokyo), ESR Sachiura Distribution Centre (Tokyo), ESR Ukishima Distribution Centre (Tokyo), ESR Aisai Distribution Centre (Nagoya), and ESR Fukuoka Asakura Distribution Centre (Fukuoka), with a total g
