Logistics firm ESR, GIC sets up $673.3m JV to establish logistics facilities in China
The JV will develop state-of-the-art logistics facilities in key cities in China.
Singapore’s sovereign wealth fund GIC has partnered with APAC logistics real estate platform ESR Cayman to establish a joint venture valued at $673.3m (US$500m) to develop logistics facilities across China, an announcement revealed.
ESR’s portfolio assets in China have a total gross floor area (GFA) of 6.62 million sqm, with a total assets under management (AUM) of over $5.9b (US$4.39b) as of 30 June 2019.
The JV is said to be in line with ESR’s goal to leverage China’s position in the e-commerce market, where the on-going demand for logistics properties is expected to continue.