AXA IM Alts has begun developing a logistics facility near Nagoya, Japan, media reports said. AXA IM Alts, which is an alternate asset arm of France’s AXA Investment Managers is working with fund manager ESR in this project. The logistics facility will span over an area of a155,000 square metre and will have four storeys. The site is located 380 kilometres west of Tokyo and 30 kilometres from Nagoya’s city centre.
AXA IM Alts has said that ESR, which is backed by Warburg Pincus, will oversee the development of the project. ESR will also support the leasing programme and management of the completed asset. With flexible unit sizes starting at 5,000 square metres, the logistics facility will be suitable for a diverse range of occupiers.
Laurent Jacquemin, head of Asia Pacific at AXA IM Alts told the media, “This is a rare opportunity to acquire a well-located site suitable for the development of a Grade A logistics facility, an asset class that has proved resilient against the backdrop of the global pandemic.”
Last month, GLP’s Japan-focused REIT has raised around $532 million in a global offering to acquire seven Japanese warehouse properties, the company said in a statement. Through the acquisition, the company is preparing for a busy season in the country’s logistics market.
The portfolio of assets purchased by GLP Japan Real Estate Investment Trust includes six Greater Tokyo facilities and one Osaka-area warehouse. They have a combined leasable area of roughly 328,000 square metres, the company said. The portfolio acquisition was completed on December 11th, 2020.