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Allianz invests with ESR to expand logistics footprint into Japan

Allianz has finalized a €84.6 million (JPY 11 billion) investment into Redwood Japan Logistics Fund II (RJLF2), a develop-to-core Japan-focused, closed-ended, JPY-denominated logistics fund managed by E-Shang Redwood (ESR). RJLF2’s strategy is to develop modern institutional-grade logistics and distribution properties in tier-1 locations in Japan and provide an exit option upon the stabilization of the assets. Allianz Real Estate undertook this transaction on behalf of 3 Allianz companies, the group’s first investment into logistics in Japan.
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Allianz Real Estate
E-Shang Redwood

“Japan is experiencing on-going modernisation of supply chains with strong demand for efficient logistics facilities,” said Rushabh Desai, Chief Executive Officer of Allianz Real Estate Asia-Pacific. “This combined with an attractive yield gap, and relatively low development risks provide compelling reasons for Allianz to consider the Japanese logistics sector as a part of a balanced portfolio, together with ESR which is one of the most active logistics players in the region.

“The lack of well-located class A space with high throughput efficiency in which ESR specializes continues to provide tremendous opportunities for deployment of sizeable investment capital with returns amongst the most profitable of real estate products nationally. We look forward to a long-term and strategic relationship with Allianz for investment in the region,” added Stuart Gibson, co-CEO of ESR and Head of Japan.

Allianz already has significant investments in the logistics sector in China and Australia, as well as right across Europe through its investments in various funds and JV partnerships.