Hillhouse’s EZA Hill buys DHL logistics facility for US$40 million in first Thailand acquisition
Deal comes on the heels of purchases in Singapore and Indonesia, with firm reportedly eyeing a Reit
[SINGAPORE] EZA Hill Property Management is acquiring a US$40 million DHL logistics facility. This marks its first acquisition in Thailand after the Hillhouse Investment-backed industrial platform swept up properties in Singapore and Indonesia in the past year.
The Thai deal comes after a recent purchase of five industrial and logistics properties in Singapore from CapitaLand Ascendas Real Estate Investment Trust (Reit) for S$329 million in August 2025.
EZA Hill, which is owned by alternative investment manager Hillhouse Investment through its real assets division Rava Partners, also bought three logistics properties in Indonesia worth US$148 million from an ESR Group fund last November. Hillhouse Investment was founded by Singaporean billionaire Zhang Lei, who is originally from China.
Frank Ng, co-founder and chief executive officer of EZA Hill, said: “Our presence in Thailand complements our footprint in Singapore and Indonesia and positions us to serve the region’s rising domestic consumption and global trade flows.”
Thailand is emerging as a key beneficiary of shifting global supply chains, bolstered by its strategic location, strong infrastructure investment, and growing domestic consumption, noted EZA Hill.
“The country’s logistics market is supported by a resilient industrial base, expanding e-commerce activity, which, according to the Thai E-Commerce Association, saw a 14 per cent year-on-year increase in value in 2024.”
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Manufacturers are also looking to diversify operations under the “China+1” strategy.
The Grade-A asset is a 20-minute drive away from the Suvarnabhumi Airport in Bangkok. It has a net lettable area of about 45,000 square metres, and is fully leased to DHL for at least 10 years.
The platform expects to grow its assets under management, currently more than US$1 billion, through mergers and acquisitions and further asset acquisitions of completed and development opportunities.
On its website, EZA Hill lists Singapore, Indonesia, Vietnam, Malaysia, the Philippines and Thailand as key investment target markets.
EZA Hill was said to be looking into listing a Singapore-based Reit together with the property investment arm of Chinese e-commerce giant JD.com and Swiss investment firm Partners Group, according to a report by Reuters in August.
Another Hillhouse-backed entity, Japanese developer Samty Holdings, sold two portfolios of multi-family assets worth 49 billion yen (S$425 million) to international sovereign wealth funds in September.
Samty Holdings also closed its first hotel-focused private real estate fund with equity totalling 17 billion yen in July. The fund’s asset portfolio consists of 10 hotels, comprising 1,530 rooms located in Tokyo and western Japan.
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