ESR Group, Asia Pacific’s largest real asset manager powered by the New Economy, has raised A$540 million ($350 million) for a substantial anchor close of its new venture, EADP II, against a targeted fund size of A$1 billion ($648 million).
EADP II is a develop-to-core logistics fund that was designed to expand ESR Australia's strategy of delivering premium, sustainable and human-centric designed industrial estates. Singapore’s GIC has committed A$490 million ($317 million) to the vehicle as its cornerstone investor.
EADP II follows on the heels of the fully allocated ESR Australia Development Partnership (EADP), which was established in June 2020 with A$1 billion ($648 million) of equity commitments from partners such as GIC and ESR's Pan Asia Fund, as well as sovereign wealth funds and life insurance funds.
All of EADP's equity has been allocated across eight projects in Sydney, Brisbane and Melbourne, with an expected end value of A$2.6 billion ($1.7 bill
