Singapore-based EZA Hill Property Management has bought three logistics assets in Indonesia from a fund managed by the ESR, for US$148m (€140m).
EZA Hill, backed by Rava Partner, the real estate arm of the China-based Hillhouse Investment, bought the assets located in the suburbs of Cikarang, Cibitung and Cileungsi in Greater Jakarta.
The three assets were developed by the former Logos, now part of ESR, with US$400m of seed investment from Canada Pension Plan Investment Board and Ivanhoe Cambridge in 2017.
Two of the properties have 274,000sqm of developable net lettable area which EZA Hill would develop to further grow the portfolio.
Frank Ng Tze Wei, co-founder and CIO at EZA Hill, said: “Expanding into Indonesia, as the largest economy in Southeast Asia and the fourth most populous country in the world, is strategic because it is key to riding the medium-term demographic and economic trends in the region in the next five to 10 years.”
Joe Gagnon, co-head of Rava Partners, said: “We see great potential for growth in the Southeast Asia market. We are building our expertise to operate in these markets and are excited to create value for our investors and take advantage of these opportunities.”
Chengkang Yan, managing director at Hillhouse, said: “Eza Hill’s important investment is part of Hillhouse’s broader commitment to Southeast Asia and the Indonesian market.
“We are excited to see Eza Hill’s growing influence and leadership as they establish themselves as a key player in advancing the region’s supply chain infrastructure.”
To read the latest IPE Real Assets magazine click here.
