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e-Shang acquires 80% indirect interest in Cambridge Industrial Trust manager
CAMBRIDGE Industrial Trust Management Limited, manager of Cambridge Industrial Trust (CIT), announced in a Singapore Exchange filing that nabInvest Capital Partners Pty Limited and CREIM Limited have agreed to sell their aggregate 80 per cent indirect interest in the manager to e-Shang Infinity Cayman Limited, a subsidiary of e-Shang Redwood Limited (ESR).
The transaction also includes e-Shang Infinity acquiring a 100 per cent indirect interest in Cambridge Industrial Property Management, the property manager of CIT.
The transaction is expected to be completed within this week.
ESR is a pan-Asia logistics real estate developer, owner and operator, formed as a result of a merger between e-Shang and the Redwood Group in 2016. Since the merger, ESR has emerged to become the second largest developer in North Asia with more than US$5 billion of assets under management across China, South Korea and Japan.
The transaction marks ESR's first foray into South-east Asia.
Jeffrey Shen and Stuart Gibson, co-CEOs of ESR, jointly commented: "Our investment underscores our confidence in the underlying fundamentals and quality of CIT's portfolio of assets, which provide us a strong platform for further diversification and growth into Singapore and key CIT markets across Asia."