Real estate portfolio in China changes hands
In cooperation with a global institutional investor, Hong Kong-based ESR Cayman, an APAC-focused real estate investor, has completed the acquisition of a logistics and industrial portfolio in Greater Shanghai.
It represents eleven completed logistics and industrial assets with a total surface of 550,000 sqm, concentrated in the Yangtze River Delta region and covering Shanghai, Kunshan, Suzhou, Taicang and Hangzhou. The price of the transaction was not disclosed.
The regional GDP of the Yangtze River Delta region accounted for 24.5% of China’s total in the first three quarters of 2021, up from 24.1% in the full year 2018.
Located in the heart of the region, demand for logistics space in Shanghai remained consistently strong in 2021, with rent rising by 2.2% year-on-year while the vacancy rate edged down by 2.4 percentage points year-on-year. (sh)