ESR Cayman Limited announced the initial closing of ESR Japan Income Fund ("JIF") endowed with $750 million of equity commitments. JIF has received a sponsor and cornerstone commitment from a leading Asian sovereign wealth fund with the other three commitments coming from existing investor relationships as well as a new investment partner. The c. 618,000 sqm seed portfolio of JIF consists of four assets developed by ESR-managed development vehicles. The portfolio is 99% occupied and the exit to JIF is consistent with the relevant investment and disposition strategies of the ESR development vehicles selling the assets. The seed portfolio will include a stake in ESR's largest asset to date, the 388,570 sqm ESR Amagasaki Distribution Centre in Osaka, which boasts a GAV in excess of $1.0 billion and is now 98% leased to a diversified rent roll of 16 tenants including leading e-commerce companies since its completion in June 2020. The other seed assets include ESR Toda Distribution Centre and ESR Kawasaki Yako Distribution Centre in Greater Tokyo, and ESR Nanko Distribution Centre 1 in Osaka.