APAC real assets manager ESR has secured additional third-party capital to develop the final phase of a 650,000sqm logistics project in Japan’s capital.
ESR announced that it has secured capital from an undisclosed investor to develop Phase 2 of its ESR Higashi Ogishima Distribution Centre (HO DC 2) in the Greater Tokyo metropolitan area. The amount of capital raised was not disclosed.
The construction of HO DC 2 is expected to start in 2025. It is a planned development slightly smaller than HO DC 1, comprising an eight-storey building with a total gross floor area of 306,000sqm.
Capital for the partial sell-down of the land and related development funding obligations is being provided under the ESR Japan Logistics Fund III, the development fund ESR set up with Dutch pension fund manager APG and an Asia-based sovereign wealth fund in 2019.
Stuart Gibson, ESR group co-founder and co-CEO, said: “ESR is proud of this initiative which reflects the deep relationship and excellent track record we have established with our investors. We thank our capital partner for their continuous support and confidence in our expertise in developing high-quality logistics assets with strong long-term income potential.”
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