APG and an unnamed global investor have expanded their joint venture with ESR through the ESR Japan Logistics Fund III (RJLF3) fund with a JPY75bn (鈧�570m) capital injection.
The additional capital doubles the size of RJLF3 to JPY150bn in total capital commitment, which over time will lift its investment capacity to JPY470bn.
Graeme Torre, the head of real estate for APG Asset Management Asia, said: 鈥淒eveloping logistics assets in Asia-Pacific, particularly in the major economies, continues to offer risk-adjusted returns that are attractive to long-term investors such as APG.鈥�
础笔骋鈥檚 partnership with ESR extended across many jurisdictions, including in Japan, he added.
Josh Daitch, ESR group head of fund management and capital, said: 鈥淭he upsize of RJLF3 reflects the collective confidence of our institutional investment partners in ESR鈥檚 ability to continue to capitalise on this robust secular opportunity.鈥�
RJLF3 was established in 2019 to focus on the development of large-scale logistics facilities in major metropolitan areas of Japan.
Since its inception, RJLF3 has committed JPY65bn to five projects with a total gross area of approximately 870,000sqm.
To read the digital edition of the latest 91传媒在线 magazine click here.
