ESR Forms $1b Japan Logistics Real Estate Jv With Axa And Sovereign Fund
Asia logistics real estate developer ESR today announced that it has formed a new joint venture with an unnamed sovereign wealth fund and France’s AXA Investment Managers to acquire core logistics properties in Japan, starting with the purchase of six Tokyo and Osaka assets for around $1 billion. Distinct from ESR’s earlier Japan funds, the joint venture with the real estate division of AXA Investment Managers and the mystery sovereign fund aims specifically at acquiring established, stabilised assets, rather than at developing new facilities. This latest joint venture comes within two months of the Hong Kong-based warehouse builder and fund manager establishing new footholds in Australia and India, as the Warburg Pincus-backed firm builds out its regional presence.
Tags : INTERNATIONAL