Asian logistics developers merge in all-stock deal

Two of the leading developers, owners and operators of logistics real estate in Asia, e-Shang Cayman and Redwood Group Asia, have completed an all-stock merger.

The combined group will be renamed e-Shang Redwood and will represent one of the largest logistics real estate platforms in Asia with more than 37.8 million square feet of projects owned and under development across China, Japan and South Korea, and capital and fund management offices in Hong Kong and Singapore.

On a combined basis, ESR also will immediately have one of the largest development pipelines in each of its markets of operation (totaling approximately 86.11 million square feet); leading tenants including Amazon, JD.com, 1haodian, H&M, Carrefour, DB Schenker, Daimler, Askul and others; and an institutional capital partner base including APG, Canada Pension Plan Investment Board, Goldman Sachs, Morgan Stanley and PGGM.

e-Shang, founded in 2011 by global private equity firm Warburg