SINGAPORE (EDGEPROP) – M&G Real Estate Asia, part of M&G’s private assets and alternatives business, has become a majority shareholder in ESR Ichikawa Distribution Centre, a logistics facility in Tokyo, Japan. In a Jan 19 press release, M&G announced that through its M&G Asia core property strategy, it has made a US$267 million ($353 million) acquisition raising its stake in the distribution centre from 25% to 58.3%.
The asset is a four-storey facility located in Ichikawa City in the Greater Tokyo Bay Area. It has a rentable area of around 201,111 sq m (2.16 million sq ft) which is fully leased out. The facility carries the CASBEE S rating, the highest under the Comprehensive Assessment System for Built Environment Efficiency (CASBEE) green building certification program that is used in Japan.
“Acquiring 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’s logistics sector, which we believe will continue to play a pivotal role in the country’s economy as demand for high-quality assets remains robust,” comments Richard van den Berg, fund manager of M&G’s Asia core property.
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