TPG Asia Real Estate has acquired a majority stake in a portfolio of logistics assets in Japan from ESR Group Ltd., the companies confirmed Tuesday. The transaction marks another bet by the private equity firm on Japan's warehouse sector, which has attracted sustained capital inflows due to rising e-commerce demand.

ESR, one of Asia's largest real estate investment managers focused on logistics, has been actively recycling capital from older assets as it pivots toward newer development projects. The sale comes amid a broader wave of portfolio repositioning among regional logistics real estate operators seeking to optimize their holdings.

Japan's logistics real estate market has proven resilient, with vacancy rates in key metropolitan areas remaining tight. TPG's latest acquisition adds to its growing Asian logistics platform, positioning the firm to benefit from continued structural demand for modern warehouse space across the region.