China’s JD.Com property arm, Partners Group, EZA Hill eye $1b Singapore REIT

It could list on the Singapore Exchange as early as next year.

JD.Com’s property investment arm, JD Property, is teaming up with Swiss investment firm Partners Group and EZA Hill Property to launch a Singapore-based real estate investment trust (REIT) with potential assets exceeding $1b, Reuters reported.

The REIT could list on the Singapore Exchange as early as next year, according to sources familiar with the matter.

JD Property, the unlisted infrastructure investment and asset management platform of JD.Com, recently partnered with Partners Group and EZA Hill to acquire four logistics assets from CapitaLand Ascendas REIT for S$306 million ($238.6 million).

These assets are expected to form part of the REIT’s portfolio, which will primarily focus on industrial properties in Singapore.

The move comes as Singapore’s REIT market shows signs of revival following a slowdown since 2021.

EZA Hill, backed by Rava Partners (Hillhouse Capital’s real assets investment arm), has been actively acquiring industrial and logistics properties across the region.

JD Property, majority-owned by JD.Com, has expanded globally over the past three years with projects in Japan, Indonesia, and the UAE, and has secured investments from Warburg Pincus, Hillhouse, and sovereign wealth funds such as Singapore’s GIC and Abu Dhabi’s Mubadala.

The company is also pursuing a separate Hong Kong IPO, though regulatory approval is still pending.

JD Property forms part of JD.Com’s “new businesses” segment, which includes JD Food Delivery, Jingxi, and overseas ventures.

JD.Com, JD Property, Partners Group, EZA Hill, and CapitaLand did not comment.

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