ESR Cayman has acquired three properties in eastern China’s Jiangsu province for an undisclosed amount.
The three assets, including two under construction and planning, are located in prominent hubs of China’s last-mile logistics networks.
When completed, they will offer a total 345,000 sq m of gross floor area. The completed facility has been fully-leased, and the second, now under construction is fully pre-leased.
Jeffrey Shen, co-founder and co-CEO of ESR, said even in the current global economic environment, logistics real estate had demonstrated considerable resilience.
“We are confident that the growth of e-commerce and structural change in consumption patterns will continue to fuel demand for high-quality logistics assets from both investors and tenants.”
In China, ESR has the largest development pipeline and is the biggest e-commerce landlord, he said.