USD 500 million for logistics facilities in China
ESR, a large APAC focused logistics real estate platform, has entered into a strategic partnership with Singapore’s sovereign wealth fund GIC to establish a joint venture with a total equity commitment of USD 500 million.
The joint venture, which marks ESR’s latest launch in a series of expansion projects, will focus on the development of institutional grade, state-of-the-art logistics facilities in key cities across China. As a major player on the modern logistics real estate market in China and the APAC region, ESR has built a strong portfolio of logistics properties and an integrated fund management platform in China.
Jeffrey Shen, co-founder and co-CEO of ESR, said: “In the world’s biggest e-commerce market, demand for logistics properties will continue to thrive in China as infrastructure such as modern warehousing will be a backbone of the new economy, serving the online and offline needs of retail businesses.” (mw)