91传媒在线

M&G Real Estate Asia has invested JPY34bn (鈧�216m) to lift its stake in the ESR Ichikawa Distribution Centre to 58.3%.

The asset manager, via the M&G Asia core strategy, has now invested close to US$510m (鈧�473m) in the logistics asset located in the Greater Tokyo Bay Area.

M&G Asia Property Fund was an equal partner in a club of four set up in 2021 to own the distribution centre in Ichikawa City, which was priced at US$870m.

The 201,111sqm asset is now the fund鈥檚 single-largest logistic exposure to the sector both in Japan and in the Asia Pacific region.

鈥淓SR Ichikawa DC has very strong credentials and upside regarding rental reversions,鈥� Richard van den Berg, fund manager of M&G鈥檚 Asia core property strategy, told 91传媒在线.

鈥淎cquiring a majority stake at an attractive going-in yield is an important milestone for M&G as we double down on our conviction and commitment to Japan鈥檚 logistics sector, which we believe will continue to play a pivotal role in the country鈥檚 economy as demand for high-quality assets remains.鈥�

Van den Berg said logistics now made up 27% of the M&G Asia core property鈥檚 US$7bn portfolio.

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