SINGAPORE (Sept 8): ESR, the sponsor of ESR-REIT which was formerly known as Cambridge Industrial Trust, has formed a joint venture (JV) partnership with Invesco Real Estate (IRE) to acquire and manage a portfolio of Grade A stabilised logistics assets in China valued at approximately RMB2 billion ($401 million).

ESR is a pan-Asia logistics real estate developer, while IRE is the real estate investment management business of Invesco, an independent investment management firm listed on the New York Stock Exchange (NYSE).

In a joint release issued by the two companies on Friday, the companies say their partnership deal will see Invesco acquire a majority stake in the portfolio from ESR, while ESR will retain an equity interest and act as the project and property manager of the assets to drive future value for Invesco, in partnership with Invesco’s management team.

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