The ESR Cayman group of companies has sold its stake in China Logistics Property for HK$2.7bn (€324m).
Collectively, the group owned 18.16% of the Chinese company. ESR became a shareholder of China Logistics Property in 2018.
Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, said that with the proceeds, ESR Group was well-positioned to have a record capital recycling year.
Jeffrey Perlman, chairman of ESR, said the group was accelerating its asset-light strategy to take advantage of an increasing set of more attractive opportunities in light of current macro and geopolitical headwinds.
“Our focus will remain on the integration of ARA as well as leveraging our position as the largest real asset manager in APAC to deliver best-in-class new economy developments and broader investment solutions for capital partners and customers.”
ESR completed the acquisition of Singapore-based ARA for US$5.2bn in January this year.
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