ESR enters co-investment agreement to form logistics platform in China
A total of $271.22m is under commitment from ESR.
ESR Cayman Limited entered into a co-investment platform agreement to form the New China Development Platform.
Along with two other investors, APG and RECO, the fund aims to invest in warehousing and industrial mixed-use properties to be managed by the group. Each company will hold 20% shareholding in the projects covered by the fund.
In the agreement, ESR is willing to contribute up to $271.22m, with room for an additional 20% of the total capital commitment by the investors should the Re-Up Option be used. APG and RECO, meanwhile, agree to a contribution of $542.32m each.