ESR has formed a core joint venture for industrial assets in China with Canadian insurer Manulife and PGGM.
The partners completed the acquisition of four institutional-grade logistics properties from Redwood China Logistics Fund (RCLF) for approximately RMB 1.7 billion ($243 million).
The acquisition involves a portfolio of four class A core logistics assets with more than 2 million square feet of net rentable area. Located in Guangzhou, Kunshan, Wuxi and Dongguan, each building is strategically positioned with convenient access to key arterial expressways and local airports. As of June 30, the buildings are fully leased to a diverse mix of high-quality tenants.
This transaction marks Manulife’s first standalone industrial investment in China, demonstrating its commitment to growing its real estate exposure in the Asia Pacific region. The acquisition brings Manulife's real estate portfolio in the region to 4.9 million square feet.
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