A fund led by Japanese insurer Dai-ichi Life has acquired half of a 1.5m sqft logistics facility from Alts (BNPP AM Alts).
The fund has acquired a 49% stake in the ESR Kuki multi-storey logistics facility in Saitama, Japan. BNPP AM Alts will retain a 49% interest on behalf of its clients and continue to act as the asset manager.
Asia-Pacific real assets manager ESR, which originally developed the facility in 2017, remains a 2% owner in the fully leased asset.
Financial details were undisclosed.
In 2020, AXA IM Alts, now part of BNP Paribas, acquired a 75.6% stake in the four-storey logistics asset through an ESR-managed vehicle, before increasing its direct ownership to 98% in 2024.
Antoine Mesnage, head of Asia-Pacific at BNP Paribas Asset Management Alts, said: 鈥淭his transaction reflects BNPP AM Alts鈥� proven track record of attracting new, high-profile investors into high-growth real assets. It also highlights our reputation in the local market as a trusted third-party manager and capital partner.
鈥淲e continue to capitalise on supportive market dynamics to expand our exposure to the country鈥檚 best-performing asset classes, to pursue the continued growth and diversification of our portfolio, as well as to strengthen our market position in Japan.鈥�
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