ESR Cayman has sold its 18.16 percent stake in China Logistics Property Holdings (CNLP) for $350 million.
During fiscal year 2021, ESR had more than $800 million of divestments from its balance sheet and received more than $500 million of net cash, which was subsequently recycled back for future growth. ESR also maintains a robust and well-capitalized balance sheet. After the acquisition of ARA Asset Management, on a pro forma basis, the enlarged ESR Group had a substantially reinforced balance sheet with low net gearing (20.4 percent), robust liquidity ($1.9 billion in cash) and a lower average cost of funding (3.8 percent) as of Dec. 31, 2021.
“We are very pleased with our investment and final exit from CNLP, which represents another highly successful outcome for ESR, “said Jeffrey Perlman, chairman of ESR. “Post the acquisition of ARA, we are very well-positioned with our stron
