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Hillhouse-backed EZA Hill defends ‘contrarian’ investment focus on industrial, logistics assets

Jovi Ho
Jovi Ho • 5 min read
Hillhouse-backed EZA Hill defends ‘contrarian’ investment focus on industrial, logistics assets
19 and 21 Pandan Avenue, one of four properties EZA Hill acquired from CapitaLand Ascendas REIT last year. Photo: EZA Hill
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Deal-making, like the arts, might be the “last bastion for human-only jobs”, says Frank Ng, chief investment officer of EZA Hill. “Identifying mispriced opportunities in opaque markets, reading the tea leaves of structural market trends, understanding political risk in more volatile markets — these are reasons why we are able to stay ahead.”

The Singapore-headquartered real estate investment firm, which started in October 2022 “as a one-man start-up with a dream”, was co-founded by Ng and Rava Partners. Rava Partners, in turn, is the real assets division of Hillhouse Investment, which was founded by Chinese-born Singaporean billionaire Zhang Lei.

EZA Hill made headlines last year for its regional acquisition spree. In August 2025, EZA Hill acquired four properties from industrial asset-focused CapitaLand Ascendas REIT as part of a $353 million transaction.

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