AXA Investment Managers - Real Assets has acquired a ¥39bn (€330m) logistics facility as part of its Japanese joint venture with ESR.

The manager said it has completed the acquisition of ESR Kuki, a 142,000sqm asset spread across four storeys.

Completed in 2018, the facility is occupied by six logistics tenants.

The acquisition adds to AXA IM - Real Assets’ Japanese logistics platform which comprises a six asset portfolio acquired on behalf of clients last year for a total consideration in excess of ¥100bn, as part of its partnership with ESR.

Laurent Jacquemin, head of Asia-Pacific at AXA IM - Real Assets, said: “This acquisition is a significant addition to our existing Japanese logistics portfolio, which is well-positioned to benefit from the solid fundamentals underpinning the continued growth of the third-party logistics market.”

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