Dutch pension fund asset manager PGGM has joined BNP Paribas Asset Management Alts (BNPP AM Alts) in the acquisition of a stake in a newly constructed 165,000sqm multi-storey logistics asset in Japan from ESR.
Asia-Pacific real assets fund manager ESR said PGGM and BNPP AM Alts have become investors in the ESR Yokohama Sachiura Distribution Centre 3 (ESR Sachiura DC3), the latest addition to ESR’s 30ha logistics campus at Yokohama City Port.
As previously reported, BNPP AM Alts invested an unspecified sum on behalf of clients to acquire the minority stake in Sachiura DC3.
Stuart Gibson, co-founder and co-CEO of ESR, said: “We are pleased to deepen our long-term partnership with BNPP AM Alts and PGGM on this milestone, which reflects our shared confidence in Japan’s role as a key global hub. ESR Sachiura is one of seven large campus-scale logistics parks that we have designed and developed to the highest standards and are positioned in the most strategic locations for our investors and customers.
“These flagship assets are well-placed to benefit from strong customer demand, secular rental growth and a projected undersupply of modern facilities following a period of elevated construction cost pressures across the industry.”
Thijs Schoenaker, director, private real estate Asia-Pacific at PGGM, said: “Greater Tokyo is one of the world’s largest consumption hubs and real estate markets with a growing need for large modern logistics facilities, driven by the strong structural trends of growth in e-commerce, supply chain optimisation and automation.
“Our investment in ESR Sachiura DC3 reflects our commitment to supporting essential infrastructure that modern economies increasingly depend on. Deepening our long-standing partnership with ESR, with its proven development track record and deep local expertise, enables us to create sustainable, long-term value for the customers, consumers and communities in Japan and our Dutch investor clients.”
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