ESR Cayman establishes $240m logistics mandate in Australia

ESR Cayman (ESR), the largest Asia-Pacific focused logistics real estate platform, has established a new mandate with China Merchants Capital Investment Co.

Phil Pearce, CEO of ESR Australia, said, “The establishment of this mandate is the first step in a strategy of releasing capital from our balance sheet to fund and accelerate our future developments. ESR has been on an impressive growth trajectory in the 12 months since entering the Australian market. We have a robust development pipeline here in Australia, with a number of other opportunities we are pursuing. Partnerships like the one with China Merchants Capital means we can continue to improve on the substantial growth we have already achieved in this market while delivering strong results for our investors.”

The new mandate — to be known as ESR Australia Logistics Trust (EALT) — will be seeded with A$175 million ($120 million) of ESR’s balance sheet assets in Australia and has a target to grow its tot