ESR acquires four logistics properties in China
ESR, Manulife and PGGM, a large Dutch pension fund service provider, report that a new core joint venture between ESR and Manulife, a Canadian financial services group, has completed the acquisition of four institutional-grade logistics properties from Redwood China Logistics Fund (RCLF) for approximately RMB 1.7 billion (USD 243 million).
The acquisition involves a portfolio of four logistics assets with over 186,000 sqm of net rentable area. Located in Guangzhou, Kunshan, Wuxi and Dongguan, each building is strategically positioned with convenient access to key arterial expressways and local airports. As of 30 June, the buildings are all fully leased to a diverse mix of high quality tenants.
“We are thrilled to partner with ESR on our latest real estate investment in China. Industrial properties continue to be a favourable type of asset type for us worldwide, given its defensive nature and strong growth potential,” said Kenny Lam, senior managing director, head of Asia real estate investments, Manulife. “The acquisition fits well with our long-term investment strategy for the Asia Pacific market.” (mw)