Pan-Asian logistics firm ESR has listed its first China real estate investment trust (REIT) on the Shanghai Stock Exchange.
ESR China REIT (ESR C-REIT) is expected to raise around RMB2.44bn (€319m) with ESR subscribing to a 39.4% stake, and the remaining 66% reserved for cornerstone investors, public institutional and retail investors’ public subscription.
“The board is pleased to announce that on 29 November 2024, the REIT offering has been launched on the Shanghai Stock Exchange. The company will make further announcement on the determination of the final offer price for the REIT offering,” said the group in a statement to the Hong Kong Stock Exchange.
ESR secured the approval for the initial public offering in June from China Security Regulation Commission (CSCR) but held off listing because of the market conditions at the time.
The listing of ESR C-REIT is part of a pilot programme launched by the National Development and Reform Commission and the CSRC.
The trust has a seed portfolio of three assets collectively called Jiangsu Friend Warehouses, which have a total gross floor area of over 4276,000sqm.
In China, ESR Group manages over 170 assets, with a total asset under management of more than US$31bn (€29.4bn).
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