ESR has sold a majority stake in ESR Yokohama Sachiura Distribution Centres 1 and 2 (DC1 and DC2) in Japan to TPG Asia Real Estate, while retaining a minority co-investment stake in the facilities.
The transaction marks the second time ESR and TPG Asia Real Estate have joined forces on a Japan logistics asset repositioning.
ESR Sachiura DC1 and DC2 are situated within the 33ha ESR Yokohama Sachiura Logistics Park.
Stuart Gibson, co-founder and co-CEO, ESR, said: “The facilities are part of the largest modern logistics park we have developed in the Tokyo market to date and represent a rare customer proposition, given the limited availability in the Kanagawa Bay market and dwindling new supply.
“This milestone follows our successful cooperation with TPG Asia Real Estate on an Osaka asset exited in 2021.”
Patrick Bracha, managing director, TPG Asia Real Estate, said: “We welcome the completion of this landmark investment in Japan’s logistics sector, which is a core investment theme for us and underscores our long-term commitment to the market.
“The sector continues to offer a compelling environment where active execution - such as leasing up, re-tenanting, and targeted upgrade - can drive attractive, risk adjusted outcomes.”
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