ESR-Logos REIT (E-LOG) is buying a distribution centre in Japan and a 51% interest in a warehouse/manufacturing complex in Singapore for a total of S$772.6m (鈧�463m).
The Singapore-listed vehicle is buying ESR Yatomi Kisosaki Distribution Centre (DC) in Nagoya, Japan. It will also acquire a 51% interest in a manufacturing facility with new ramp-up logistics warehouses in Tuas in the west of Singapore.
ESR Kisosaki DC is being acquired at a 2.3% discount to its average valuation of JPY38.9bn (鈧�238.8m) in the Nagoya area and E-LOG will outlay approximately S$444.6m for the Singapore property.
E-LOG said the acquisition of the assets developed by its sponsor, ESR Group, was part of the strategy to accelerate its transformation into a leading Asia Pacific New Economy real estate investment trust.
Adrian Chui, CEO and executive director of the manager of E-LOG, said these acquisitions would provide the next phase of growth for the trust and they 鈥渁lign seamlessly with E-LOG鈥檚 4R Strategy鈥� of rejuvenation, recapitalisation, recycling of assets and reinforcing its sponsor鈥檚 commitment.
鈥淏y integrating these high-quality assets, E-LOG鈥檚 portfolio will increasingly pivot towards future-ready green assets, reinforcing our commitment to sustainability and long-term value,鈥� said Chui.
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