APAC鈥檚 largest real asset manager ESR Cayman has partnered with 鈥檚 Asia core strategy to invest US$100m (鈧�86.4m) to acquire a site in Singapore and develop a 64,490sqm warehouse facility.
The site, which has been acquired from POKKA SAPPORO Food & Beverage, will be redeveloped. Construction of the facility will begin this month and is scheduled for completion in the first quarter of 2024.
ESR said POKKA鈥檚 logistics arm in Singapore has committed to a 10-year lease of a minimum of 70% of the building space, with an option for further extensions.
Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, said: 鈥淭his is an exciting opportunity for ESR as we leverage our unrivalled development expertise to support POKKA鈥檚 business needs by creating space that鈥檚 designed to achieve energy efficiency and increase productivity.
鈥淲e are also very delighted to establish our first partnership with PGIM Real Estate to invest together in the robust market of Singapore where we see excellent market fundamentals and ongoing strong demand for quality assets.鈥�
Benett Theseira, PGIM Real Estate鈥檚 head of Asia Pacific, said: 鈥淭his is a rare opportunity for PGIM Real Estate to acquire a stake in a prime asset anchored by a high-quality tenant. Our partner, ESR brings an extensive track record in managing logistics developments and properties and, through our collaboration, we are excited that this acquisition and redevelopment project will further extend our regional footprint within the logistics sector.鈥�
Jai Mirpuri, the head of new economy at ESR鈥檚 ARA Private Funds, said: 鈥淭he fully-ramped facility will be built with the most premium specifications and standards, featuring a suite of sustainability features and human-centric design that ESR is renowned for.
鈥滳ommitted to delivering outstanding design and performance in environmental sustainability, the facility is designed to achieve the BCA Green Mark Platinum certification.鈥�
Rex Macaskill, POKKA Group CEO, said: 鈥淲e are excited and look forward to the new facility and office space at 4 Benoi Crescent, which will provide us with the expanded scale, modern specifications and sustainability features to support our growth and expansion into the future.
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