ESR, an Asia-Pacific-focused real asset owner and manager, has sold a majority interest in two logistics assets in Japan to TPG Asia Real Estate, according to an announcement.
While financial details were not disclosed, ESR said it will retain a minority co-investment stake and continue providing asset management services for the facilities – ESR Yokohama Sachiura Distribution Centres 1 and 2.
The transaction marks the second time ESR and TPG Asia Real Estate have joined forces on a Japan logistics asset repositioning, it added. In 2021, ESR exited an Osaka asset to TPG.
Distribution Centres 1 and 2, part of the 33-hectare ESR Yokohama Sachiura Logistics Park, have a combined gross floor area of over 390,000 square metres. Earlier this year, ESR also sold a stake in Distribution Centre 3, located in this logistics park, to BNP Paribas Asset Management Alts and Dutch pension investment manager PGGM.
For TPG Asia Real Estate, Japan’s logistics sector is a core investment theme, according to Patrick Bracha, its managing director. “The sector continues to offer a compelling environment where active execution—such as leasing up, re-tenanting, and targeted upgrades—can drive attractive, risk-adjusted outcomes,” he said.
Stuart Gibson, Co-founder and Co-CEO of ESR, added: “We are pleased to have delivered a strong exit for our development investors and to have secured a high‑quality, established capital partner for the next phase of value creation with clear leasing upside ahead.”
Last year, ESR was delisted from the Hong Kong Stock Exchange as Qatar Investment Authority and Warburg Pincus, among other investors, invested in the firm through a take-private transaction.
ESR managed $77.3 billion in assets as of the end of 2025. Its new economy real assets span across Australia and New Zealand, Japan, South Korea, Greater China, Southeast Asia, and India, including a presence in Europe.
