Real asset manager ESR sets up $1.4 bln yuan income fund
22/08/2023 03:48
HONG KONG, Aug 22 (Reuters) - Real asset manager ESR
Group 1821.HK said on Tuesday it has set up a yuan income fund
with a total investment capacity of 10 billion yuan ($1.37
billion), its largest to-date, with a leading insurance company
in China.
The company did not disclose who the insurer is.
The fund will be seeded with a logistics portfolio from its
balance sheet, ESR said, containing six stabilised assets
located in major logistics and industrial hubs across China, and
worth 2.3 billion yuan with a total gross floor area of over
350,000 square meters.
The company, the largest real asset manager in Asia Pacific
with $150 billion in total assets under management, said the
transaction is expected to be closed in the second half of this
year, subject to regulatory approvals.
The yuan income fund is aimed at deepening relationships
with domestic investors, it added in a statement.
($1 = 7.2854 Chinese yuan renminbi)
(Reporting by Clare Jim; Editing by Muralikumar Anantharaman)
((clare.jim@thomsonreuters.com;))