Singapore’s GIC has acquired two more logistics facilities developed by Daiwa House Industry in Japan, while Hong Kong-listed ESR said it has applied to list its logistics REIT in Shanghai.
Singapore’s GIC acquires two more logistics assets from Daiwa
Singapore’s sovereign wealth fund GIC announced that it has acquired two more Japanese logistics facilities developed by Daiwa House Industry, one of Japan’s largest real estate developers.
GIC said the assets, located in Takatsuki City in Greater Osaka and Tosu City in Greater Fukuoka, were completed in 2023 and 2021, respectively. Financial details of the acquisition, however, were not disclosed.
The facilities feature modern building specifications that cater to a wide range of tenants, according to the announcement. The two assets are also located in regional logistics hubs.
The acquisition adds to the several logistics facilities that GIC acquired from Daiwa House this year. In April, the Singapore sovereign wealth fund announced that it will buy a portfolio of six modern warehouses developed by Daiwa House Industry from Blackstone for more than $800 million.
GIC has been an investor in Japan for over three decades and has recently increased its deal activity as interest rates remain low. It has been investing mainly in the property market but has recently pushed into business acquisitions as well.
HK-based ESR to list logistics REIT on Shanghai Stock Exchange
Hong Kong-listed real estate group ESR said it has filed an application with Chinese authorities to list its logistics REIT on the Shanghai Stock Exchange.
The Warburg Pincus-backed ESR said the logistics REIT that it wants to list in Shanghai holds a set of three projects in the city of Kunshan in eastern China’s Jiangsu province.
The three properties – Jiangsu Friend I, Jiangsu Friend II, and Jiangsu Friend III – span 426,000 square metres and were completed from 2011 through 2018. Other details of the proposed listing, including valuation information and a timetable, have not been announced yet.
In August, ESR announced the second close of its data centre fund, also known as ESR Data Centre Fund I, which was expanded to $1.3 billion with a commitment from an unnamed global investor.
In Southeast Asia, the group also held the first close of its development fund for Indonesia and a new mandate in Vietnam, ESR said in its first-half earnings call without divulging further details.