ESR brings in partners for Japan logistics projects fund

Pan-Asian logistics group ESR has had a first close for the ESR Japan Logistics Fund 3 (RJLF3) with an initial capacity to capitalise up to JPY200bn (€1.63bn) of Japanese real estate projects. The Warburg Pincus-backed manager has brought in two unnamed partners to its latest Japan fund. The two investors had made a combined initial equity investment of JPY70bn. The capital would be invested in large-scale, state of the art logistics facilities in key Japanese cities of Tokyo, Osaka and Nagoya. ESR said said in a statement that the partners had a commitment expansion option that, over time, would bring the total investment capacity to up to JPY530bn.