ESR has launched an Australian platform, ESR Australia, following its acquisition of Commercial & Industry Property (CIP), an Australian property development group.
ESR acquired CIP from Charter Hall Group for A$102.5 million ($76 million), which is the seed platform for the launch of ESR Australia.
With the establishment of ESR Australia, the firm announced the appointment of Philip Pearce as its CEO in the country. Pearce has been on the board of ESR Funds Management Limited since April 2017 and was previously an executive director of Goodman Group.
Recently, ESR acquired equity stakes in ASX-listed industrial and logistics investment managers Centuria Capital Group and Propertylink Group.
ESR, which also runs capital and fund management offices in Hong Kong and Singapore, is one of the largest logistics firms in the Asia Pacific region, with assets under management of $12 billion, and over 10 million square meters of projects owned and under development across China, Japan, Singapore, South Korea and India.
