ESR acquires logistics properties in East China
ESR, an APAC focused logistics real estate platform, has acquired a 100% stake in three prime properties in East China’s Jiangsu province. The assets are strategically located in prominent hubs of the country's last mile logistics networks.
Developed on a land parcel of over 280,000 sqm, the first property is a fully-leased, stabilised asset with a gross floor area of over 160,000 sqm. The second property is being developed on a land parcel of over 60,000 sqm with a GFA of over 35,000 sqm. It is a construction-in-progress asset and has been fully pre-leased.
ESR intends to redevelop the third property, which occupies a land area of approximately 130,000 sqm, into a 150,000 sqm state-of-the-art logistics facility of international standards. (mw)