Warburg Pincus has partnered with MQ Logistics for a logistics and industrial real estate joint venture, while ESR’s Japan arm has completed the acquisition of ESR Aisai Distribution Centre.
Warburg Pincus, MQ Logistics set up joint venture
Private equity firm Warburg Pincus has partnered with MQ Logistics, a South Korean logistics firm, to set up a logistics and industrial real estate joint venture called QUBE Industrial.
QUBE Industrial will focus on investing in modern logistics warehouses and industrial real estate, according to a release. The venture seeks to be an integrated developer, operator, and investment manager of institutional-quality logistics warehouses and related industrial properties across key sub-markets in South Korea.
Warburg Pincus entered into the joint venture through its Warburg Pincus Asia Real Estate Fund.
“With the highly experienced teams from both parties, we believe QUBE Industrial is well-positioned to meaningfully accelerate growth and meet the evolving needs of both high-quality tenants and institutional investors in South Korea.” said Andrew Kim, Chairman of MQ and QUBE Industrial.
Founded in 2000, MQ Logistics is a third-party logistics operator and warehouse developer in South Korea.
MQ manages a vertically integrated and self-funded warehouse development business and has had nearly 20 development projects over the past two decades with around $2 billion of assets under management.
ESR Japan acquires Aisai distribution centre for $114m
APAC-based real asset manager ESR’s Japan arm has completed the acquisition of the trust beneficiary interest in ESR Aisai Distribution Centre for $114.2 million.
The ESR Aisai Distribution Centre is a four-storey single-ramped facility located in Nagoya, with a net rentable area of approximately 58,000 square metre and is fully occupied by third-party logistics firms.
The acquisition was completed by ESR Japan’s Japan Income Fund (JIF) through ESR Japan Logistics Fund III, per a release.
Set up in 2021, JIF is ESR’s flagship Japan logistics fund focusing on investing in stabilised core logistics assets in the greater urban areas of Tokyo, Osaka, Nagoya, and Fukuoka, while ESR Japan Logistics Fund III 3 is a development joint venture that focuses on the development of premium large-scale logistics facilities in the major metropolitan areas of Japan.
This transaction marks JIF’s first acquisition in Nagoya and is a part of the firm’s efforts to grow its real estate portfolio in Japan.