05-07-2022, 05:58 PM
ESR SELLING 9 CHINA LOGISTICS ASSETS TO CPF (GIC )JV FOR $730M
Warehouse giant ESR has agreed to sell a portfolio of nine industrial assets in China to a joint venture of the Hong Kong-listed group and Singapore sovereign fund GIC for $730 million.
The portfolio is 98 percent occupied and consists of completed assets with a total gross floor area of more than 873,000 square metres (9.4 million square feet) across regions including the Yangtze River Delta, the Greater Bay Area and Beijing-Tianjin-Hebei, ESR said Monday in a release. The transaction represents ESR’s largest-ever sell-down of self-developed balance sheet assets.
Warehouse giant ESR has agreed to sell a portfolio of nine industrial assets in China to a joint venture of the Hong Kong-listed group and Singapore sovereign fund GIC for $730 million.
The portfolio is 98 percent occupied and consists of completed assets with a total gross floor area of more than 873,000 square metres (9.4 million square feet) across regions including the Yangtze River Delta, the Greater Bay Area and Beijing-Tianjin-Hebei, ESR said Monday in a release. The transaction represents ESR’s largest-ever sell-down of self-developed balance sheet assets.