ESR Cayman and a leading Asia-based global investor have bought a portfolio of 11 logistics properties in China for an undisclosed amount.
91传媒在线 understands the partner is Singapore鈥檚 GIC, which has invested with ESR across a number of jurisdictions in Asia-Pacific.
ESR declined to disclose the identity of the investor.
The 550,000sqm portfolio is concentrated in the Yangtze River Delta region, spanning major cities including Shanghai, Kunshan, Suzhou, Taicang and Hangzhou.
Jeffrey Shen, co-founder and co-CEO of ESR, said: 鈥淎 high-quality existing portfolio of this size, strategic location and value-add potential is a rare opportunity in the closely held greater Shanghai market.鈥�
He said the capital partner was eager to increase its exposure to China鈥檚 New Economy real estate, where it 鈥渞emained significantly鈥� underweight.
鈥淭he portfolio has several projects with strong value-add potential, which will be optimised by ESR as our
highly-experienced team leverages its deep local knowledge and robust ecosystem of customers,鈥� Shen said.
With this latest acquisition, ESR would have logistics assets in China鈥檚 logistics markets worth US$13.4bn (鈧�11.6bn), he said.
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