ESR announced that they have formed a new joint venture with Singapores GIC to invest $500 million of equity which will focus on developing institutional grade logistics facilities in key cities across China.
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âWe are excited to extend our partnership with GIC, riding on the successful collaboration the two companies have built in Japan,â said Jeffrey Shen, co-founder and co-CEO of ESR. âThis second partnership with GIC is a testament to ESRâs solid capability and track record of developing best-in-class logistics facilities in prime locations across China.â
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For ESR, the $500 million joint venture with GIC comes just one month after the logistics specialist announced an office mandate in Australia expected to raise A$138 million (then $94 million). ESR Office Partnership IV, offers investors a slice of a set of business park assets in Sydney and other parts of Australiaâs east coast which the developer had picked up in the course of a set of acquisitions which established its $1.3 billion presence down under.
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GIC will no doubt be supporting ESRs commitment to logistics in Australia in the future. Just last week the Singaporean fund was revealed to have paid A$366 million to boost its stake in the Dexus Australian logistics trust, increasing its interest to 49% of the unlisted vehicle.
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