SAN FRANCISCO-AMB Property Corp. kicked off its inaugural Japan fund on Friday with $446 million (49.5 billion yen) of equity . The locally based distribution REIT says that by putting up 25% equity for each acquisition, the yen-dominated fund should acquire $2.23 billion (247 billion yen) of distribution facilities in major metropolitan areas across Japan. The fund is being managed from AMB’s Asian headquarters in Singapore. The fund’s investment focus is to purchase stabilized industrial distribution properties, many of them developed by AMB with its Tokyo-based partner, AMB BlackPine. At closing, the fund owned six distribution facilities in Tokyo comprising approximately 915,400 sf that had previously been acquired by AMB. AMB’s current development pipeline in Japan includes an additional 2.5 million sf in Tokyo and Osaka that is expected to be contributed to the fund upon stabilization.AMB will receive an acquisition fee of 0.9% of the acquisition cost for each third-party acquisition by the fund, according to SEC documents. In addition, it will receive a priority distribution from the fund of 1.5% of third-party capital commitments for portfolio and asset management services, and incentive distributions of 20% over a 10% internal rate of return (after taxes and fees) to the investors and 25% over a 13% internal rate of return (after taxes and fees) to investors. JPMorgan Securities Inc. acted as placement agent for us in raising third-party equity for the fund.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.