HK's ESR, Manulife JV acquires $243 mln logistics assets in China

A joint venture (JV) between Hong Kong (HK)-based logistics real estate platform ESR and Manulife, a Canadian insurer, has closed on the acquisition of four logistics properties in China.

The acquired properties, comprising of more than 2 million square feet of net rentable area, are situated in Guangzhou, Kunshan, Wuxi, and Dongguan.

The companies acquired the properties from Redwood China Logistics Fund, a limited partnership development JV between ESR and PGGM, a Dutch pension fund service provider.

ESR and Manulife purchased the four institutional-grade logistics properties, which are all fully leased to a diverse mix of tenants, for a total purchase price of circa 1.7 billion yuan ($243 million).