E-Shang Cayman and the Redwood Group Asia have completed an all-stock merger. The combined group will be renamed e-Shang Redwood (ESR) and will represent one of the largest logistics real estate platforms in Asia.
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The company will have more than 3.5 million square meters of projects owned and under development across China, Japan and South Korea, and capital and funds management offices in Hong Kong and Singapore.
On a combined basis, ESR will also immediately have one of the largest development pipelines in each of its markets of operation (totaling approximately 8 million square meters), leading MNC tenants including Amazon, JD.com, 1haodian, H&M, Carrefour, DB Schenker, Daimler, Askul, and others and a well-diversified, blue-chip institutional capital partner base including but not limited to APG, PGGM, CPPIB, Morgan Stanley and Goldman Sachs.
#-Shang, founded in 2011 by global private equity firm Warburg Pincus and two highly successful Chinese real estate entrepreneurs, develops institutional-quality warehouses in China and South Korea.
Since its inception, e-Shang has grown rapidly and currently has more then 2 million square meters of modern logistics warehouses in operation and under development that cater to third-party logistics providers, retailers and e-commerce companies in China.
Today, e-Shang is the largest third-party landlord for the leading e-commerce companies as well as for cold-chain logistics, and it has emerged as one of the top owners of modern warehouses across China.
To fund its growth, e-Shang has previously raised capital from its co-founder Warburg Pincus and other world-class investors including Goldman Sachs, APG and CPPIB.
n 2014, e-Shang entered the South Korean market, partnering with two experienced local entrepreneurs to build out Kendall Square Logistics Properties and currently has more than 600,000 square meters of projects under development and a pipeline of more than 1.0 million square meters. In November, e-Shang announced the creation of a US$500 million joint venture with APG and CPPIB to build out its large pipeline in the Korean market.
Founded in 2006 by Stuart Gibson and Charles de Portes, Redwood is a specialized logistics real estate firm with recognized knowledge and experience that includes in-house development, leasing and asset management with 1.2 million square meters in operation and under development and a large pipeline in the most prime locations across China and Japan. ■
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