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Treasury & Capital Markets
ESR in Japan closes US$400 million trust ABL
Loan for core joint venture portfolio consisting of five sustainable logistics properties
The Asset 25 Sep 2023

Asia-Pacific real asset manager ESR Group has completed the refinancing of a 59-billion-yen (US$400 million) trust asset-backed loan (trust ABL) in Japan for one of the company’s core joint ventures.

SMBC Trust Bank has provided and structured the trust ABL on an ESR-managed portfolio of five sustainable logistics properties in Japan, which have mostly achieved the highest-tier superior grade in the Comprehensive Assessment System for Built Environment Efficiency.

The core joint venture was formed in 2018 by ESR, with investors AXA IM Alts, a global alternative investment firm, acting on behalf of clients, and Mubadala Investment Company to invest in core stabilized logistics assets in Japan.

The facility meets and is provided on the basis of the Green ABL Trust Framework Rating, which SMBC Trust Bank obtained from the Japan Credit Rating Agency as the trustee borrower under the ABL structure.

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