ESR China REIT raises $390m in Shanghai Stock Exchange IPO

It had 800 million shares offered at $0.48 (RMB2.628) per share.

ESR Group Limited’s logistics-focused ESR China REIT has raised $390m (RMB2.1b) during its initial public offering (IPO) on the Shanghai Stock Exchange.

It had 800 million shares priced at $0.48 (RMB2.628) per share. Reflecting strong investor interest, ESR C-REIT attracted 12 institutional investors with the group retaining a 41% stake.

As ESR’s first REIT in China, ESR C-REIT offers a focused and differentiated opportunity to leverage ESR’s logistics asset portfolio and market expertise, to participate in the growth of the country’s logistics real estate sector.

ESR C-REIT comprises three logistics facilities with an average occupancy rate of over 90% in the last five years. This includes Jiangsu Friend Phase I, Phase II, and Phase III with a gross floor area of over 427,000 square metres.

($1=RMB5.37)

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