European alternatives asset manager BNP Paribas Asset Management Alts has secured a Dai-ichi Life-led fund as a new investor in ESR Kuki, a multi-storey logistics facility in Saitama, Japan.
The fund led by Dai-ichi Life has acquired a 49% stake in the asset from BNPP AM Alts, acting on behalf of its clients, which retains 49% ownership of the facility.
BNPP AM Alts will continue to act as the asset manager. The remaining 2% is owned by Asia-Pacific real asset owner and manager, ESR, who initially developed the facility in 2017.
In 2020, AXA IM Alts, a BNP Paribas group company since the 1st of July 2025, acquired an indirect 75.6% stake in the high-quality four-storey logistics asset, through an ESR-managed vehicle, before building a direct 98% stake in 2024.
Reportedly, the asset is 100% leased to customers, including a blue-chip global e-commerce retailer, and offers over 1.5 million ft² (140,000 m²) of modern, institutional grade warehousing complete with three floors of double ramp access.
The facility is equipped with extensive amenity space for employees, including a lounge and children’s day care centre, enhancing the asset’s attractiveness.
The asset is located in the north-eastern area of Japan’s Saitama region, benefiting from easily accessible and well-connected regional and nationwide road infrastructure.
The Kuki interchange of the Tohoku Expressway is just 3km from the asset, enabling occupiers to directly service customers in Tokyo city centre in under an hour.
BNP Paribas Asset Management Alts head of Asia-Pacific, Antoine Mesnage, said: “This transaction reflects BNPP AM Alts’ 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.
“We continue to capitalise on supportive market dynamics to expand our exposure to the country’s best-performing asset classes, to pursue the continued growth and diversification of our portfolio, as well as to strengthen our market position in Japan.”
