ESR, AXA IM and sovereign fund in logistics venture

Singapore

ASIA-PACIFIC logistics real estate platform ESR, AXA Investment Managers - Real Assets (AXA IM), and a major sovereign wealth fund have entered into a logistics joint venture, and have acquired for US$1 billion six logistics properties in Japan completed by ESR.

In a media statement issued yesterday, ESR, AXA IM and the unnamed sovereign wealth fund announced the tripartite joint venture. Its maiden acquisition is a set of six logistics facilities built by ESR three years ago or less and located in prime locations in Tokyo and Osaka.