ESR Cayman and AXA Investment Managers completed the acquisition of kuki distribution centre of ESR from Redwood Logistics for $368m.

ESR Cayman, an APAC focused logistics real estate platform, and AXA Investment Managers, an investment management company, completed the acquisition of kuki distribution centre of ESR from Redwood Logistics, a contract logistics partner that develops web-based solutions for companies of all types, for $368m. “ESR Kuki DC is a state-ofthe-art development from our successful partnership with RJLF II capital partners and other coinvestors. We are delighted that the creativity and success of our in-house development management and leasing teams helped to enable the transaction to exceed our underwritten returns for the development vehicle and its investors, and creates an opportunity of generating long-term, stable income for our Japan core investors going forward. This highly successful transaction demonstrates the attractiveness and resilience of the logistics asset class against the backdrop of a challenging macroeconomic environment, reassuring our strong conviction in the APAC logistics sector,” Jeffrey Shen, ESR, Co-Founder and Co-CEO.