Asian logistics developers merge in all-stock deal
Two developers, owners and operators of logistics real estate in Asia, e-Shang Cayman and The Redwood Group Asia, have completed an all-stock merger.
The combined group will be renamed e-Shang Redwood and will represent one of the largest logistics real estate platforms in Asia, with more than 3.5 million square metres of projects owned and under development across China, Japan and South Korea, and capital and fund management offices in Hong Kong and Singapore.
E-Shang Redwood has one of the largest development pipelines in each of its markets of operation (totalling approximately 8 million square metres). Leading tenants include Amazon.com Inc, JD.com Inc, 1haodian, H&M, Carrefour, DB Schenker, Daimler and Askul, among others, and the new firm has an institutional capital partner base that includes APG Asset Management, Canada Pension Plan Investment Board, Goldman Sachs Group, Morgan Stanley and PGGM.
Jeffrey Shen, co-founder and CEO of e-Shang, and Stuart