APG and GIC to Back ESR’s New China Development Platform
Posted on 08/15/2021
Singapore’s GIC Private Limited, through its sovereign wealth enterprise RECO Investor, entered into an agreement with an ESR Cayman unit and APG Asset Management (APG Strategic Real Estate Pool) to jointly invest as much as US$ 1 billion initially, in warehousing and industrial properties in China. The platform is called the New China Development Platform, a fund that will invest in warehousing or warehousing and industrial mixed-use properties in China that will be sourced, developed and managed by the ESR Cayman group of companies.
The New China Development Platform will have a maximum initial capital commitment of US$ 1 billion, with GIC and APG each contributing up to US$ 400 million. ESR Investor will contribute US$ 200 million at the maximum. Should GIC or APG exercise their option to subsequently increase their respective capital commitments to up to double their initial investment amounts, ESR Investor will then contribute up to US$ 400 million, which is 20% t of the total capital commitment by all the investors.