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ESR partners with PGIM Real Estate in BTS redevelopment in Singapore
Transactions - APRIL 1, 2022

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ESR partners with PGIM Real Estate in BTS redevelopment in Singapore

by Andrea Zander

ESR Cayman and its subsidiaries, APAC’s largest real asset manager powered by the New Economy, announced a built-to-suit (BTS) redevelopment project for POKKA Logistics Singapore Pte. Ltd. (POKKA), a 100-percent subsidiary of POKKA SAPPORO Food & Beverage Ltd., a leading manufacturer and marketer of ready-to-drink beverages under the brand POKKA with operations in more than 50 countries across Asia, the Middle East and Europe.

The project is a redevelopment of POKKA's existing single-story warehouse located at 4 Benoi Crescent, which has been in operation for more than 30 years. ESR will partner with PGIM Real Estate's Asia core strategy to invest approximately $100 million and acquire the leasehold rights of the site from POKKA and develop a 64,490-square-meter (694,165-square-foot), five-story, best-in-class warehouse facility to be completed in first quarter 2024. POKKA has committed a 10-year lease of a minimum of 70 percent of the building space, with an option for

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