SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

ESR Cayman has entered into an agreement with APG Asset Management, a Dutch asset manager and Singapore sovereign wealth fund GIC to launch a China warehouse investment fund worth as much as $4bn. The fund will invest in modern warehousing and industrial mixed-use vehicles in China. The vehicles will be sourced, developed and managed by ESR, one of the largest logistics platforms focused on the APAC region. APG and GIC, long-standing partners of ESR, have committed to an initial equity investment of $1bn. ESR has a strong presence in Shanghai, Beijing and Guangzhou, managing a logistics real estate portfolio worth $6.7bn. The company attributed the growth of e-commerce, which accounted for two-thirds of its tenants in 2020, as the key driver for the growth in China’s logistics market. This comes just over a week after ESR announced that it will be acquiring ARA Asset Management for $5.2bn, making the combined entity the world’s third largest listed real estate asset manager with an AUM of $129bn.
ESR’s SGD 5.1% 2025s traded 0.2 points higher to 103.75 while its SGD 5.65% Perps rose 0.25 points to trade at 101.3.
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