ESR and GIC enter into US$500 million joint venture to invest in China logistics real estate

ESR Cayman Limited ("ESR" or the "Group"; SEHK Stock Code: 1821), the  APAC focused logistics real estate platform, announces it has entered into strategic partnership with Singapore's sovereign wealth fund GIC Pte. Ltd. ("GIC") to establish a joint venture (the "Joint Venture"), with a total equity commitment of US$500 million.

The Joint Venture, which marks ESR's latest launch in a series of development vehicles, will focus on the development of institutional grade, state-of-the-art logistics facilities in key cities across China.

A market leader of modern logistics real estate in China and the APAC region, ESR has built in China a strong portfolio of logistics properties and an integrated fund management platform that provide investors exposure to one of the most dynamic logistics real estate markets in the world. In China, total GFA of the portfolio assets held on the Group's balance sheet and in the funds and investment vehicles it manages comprised 6.62 million sqm, and total AUM reached over US$4.39 billion, as of 30 June 2019.

"We are excited to extend our partnership with GIC, riding on the successful collaboration the two companies have built in Japan. This second partnership with GIC is a testament to ESR's solid capability and track record of developing best-in-class logistics facilities in prime locations across China," stated Jeffrey Shen, Co-founder and Co-CEO of ESR. "As home to 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."