![\"19](\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2025\/12\/19-21-Pandan-Avenue.jpg\")
<\/p>\nThe Sen Kee Logistics Hub at 19 & 21 Pandan Avenue is the biggest piece of the porfolio (Image: CLAR)<\/p>\n<\/div>\n
Jingdong Property, the logistics real estate investment division of China\u2019s JD.com, announced together with EZA HIll Property Management on Friday that the two companies had teamed up to acquire a portfolio of four Singapore industrial properties spanning 1.9 million square feet (175,000 square metres).\u00a0<\/p>\n
While the four properties were not specified, the facts of the portfolio align with a disposal by CapitaLand Ascendas REIT, which said when it first announced the transaction in August that it had sold the four assets for a total of S$306 million ($236.6 million). The CapitaLand-sponsored REIT had confirmed completion of the four-property sale<\/a> on Wednesday.\u00a0\u00a0<\/p>\n JD Property and EZA Hill, a portfolio company of Hillhouse Investment\u2019s Rava Partners unit, had teamed up in 2023 to acquire five industrial properties in Singapore from ESR REIT<\/a>, with JD and EZA Hill said to be aiming for Singapore-listed industrial REIT<\/a>.<\/p>\n \u201cThe acquisition reinforces our commitment to the Asia Pacific region and to Singapore in particular, a regional centre for high-quality logistics infrastructure,\u201d said Richard Law, regional CEO and head of Asia Pacific at JD Property. He added that, \u201cThis add-on investment also affirms our ability to scale assets in partnership with institutional investors and support the growth of our fund management business.\u201d<\/p>\n The four properties in the portfolio, according to the CapitaLand Ascendas REIT (CLAR) announcement, are 31 Ubi Road 1, 9 Chang South Street 3, 10 Toh Guan Road and 19 & 21 Pandan Avenue, with the last property on the list, a five-storey ramp-up warehouse, accounting for S$140 million of the S$306 million deal.\u00a0<\/p>\n Richard Law, JD Property\u2019s head of Asia Pacific<\/p>\n<\/div>\n Also known as the Sen Kee Logistics Hub, 19 & 21 Pandan Avenue is located in Jurong East and spans 87,842 square metres of gross floor area, according to CLAR announcement. The logistics property has a remaining land tenure of 24 years.<\/p>\n The next most valuable property in the set is 10 Toh Guan Road, a six-storey warehouse, also in Jurong East, which has a 10-storey ancillary office tower. That asset, which changed hands at a price of S$84.5 million, spans 52,147 square metres and has a remaining land tenure of 30 years, according to the CLAR statement.\u00a0<\/p>\n Three of the four properties have a weighted average lease expiry (WALE) periods of 1.7 years or less, providing the new owners with opportunities to adjust leasing strategy for the assets.\u00a0<\/p>\n \u201cThis acquisition is a further testament to EZA Hill\u2019s enduring partnership with Jingdong Property and our shared commitment to long-term growth in the Asia Pacific region, by combining our local expertise with Jingdong Property\u2019s global standards, we continue to strengthen our Singapore portfolio with sustainable, high-quality logistics assets,\u201d said Frank Ng, chief investment officer of EZA Hill.<\/p>\n With JD Property and EZA Hill having earlier teamed up to purchase the five asset portfolio from ESR REIT, the two companies have now assembled a set of nine properties for what is reported to be a plan for Singapore-listed industrial REIT.\u00a0<\/p>\n Source: CLAR<\/p>\n<\/div>\n Plans for the Singapore listed trust were first reported by Reuters in August, with Swiss investment firm Partners Group also said to be joining the REIT effort. A Bloomberg report in August had cited sources familiar with CLAR\u2019s sale of this latest portfolio as indicating the Partners Group was joining EZA Hill in the purchase. The Swiss firm was not mentioned in Friday\u2019s statement by JD Property and EZA Hill.<\/p>\n The effort by JD Property, EZA Hill and Partners Group to gain a Singapore REIT listing is said to involve a portfolio valued at more than $1 billion, according to the Reuters report. With JD and EZA Hill having paid $232 million for their 2023 acquisition and $236.6 million for this latest set of sheds, the reported valuation raises the possibility that there may be additional assets planned for the prospective REIT portfolio.\u00a0<\/p>\n Reuters pointed to the potential for the REIT to be listed on the Singapore stock exchange as early as next year.\u00a0<\/p>\nJurong East Properties Lead<\/h3>\n
![\"Richard](\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2024\/12\/Richard-Law-JD.jpg\")
<\/p>\nSingapore REIT Expected<\/h3>\n
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