M&G Real Estate Asia and ESR strengthen partnership in Japan, announce inaugural logistics development project in Nagoya

M&G Real Estate, part of M&G plc’s £76.7 billion ($93.2 billion) private assets and alternatives division, and the ESR Group Limited (ESR) have announced a long-term partnership on behalf of M&G Asia Property Fund to develop a portfolio of logistics properties across Tokyo, Osaka and Nagoya.

The partnership, for which M&G intends to deploy up to $350 million in equity, is expected to expand the ESR-managed and M&G-invested logistics portfolio to more than $1 billion in gross asset value.

“We are excited to solidify our partnership with this third transaction and the first development in Japan with M&G Real Estate Asia, an experienced global investor in the sector,” said Stuart Gibson, co-founder and co-CEO at ESR.

Jing Dong (JD) Lai, CEO and CIO, Asia, at M&G Real Estate, added, “The logistics sector is an important part of Japan’s economy and demand for state-of the art facilities remains robust. M&G Real Estate has be