ESR Funds Management forms Singapore logistics JV

ESR Funds Management, as manager of ESR-REIT, has announced that RBC Investor Services Trust Singapore, in its capacity as trustee of ESR-REIT, has entered into a joint venture through a limited liability partnership in Singapore known as PTC Logistics Hub with Poh Tiong Choon Logistics.

ESR-REIT currently holds 49 percent of the partnership and PTC holds the remaining 51 percent.

The venture acquired a leasehold interest in a property situated at 48 Pandan Road, Singapore. The purchase price was S$225 million ($166 million). The property is located in the Pandan area at Jurong Industrial Estate. The Pandan location is considered a key logistics cluster of the Jurong Industrial Precinct, given its immediate proximity to Jurong Port, International Business Park and Jurong Island. The addition of the property enhances the quality of ESR-REIT’s logistics portfolio.