ESR AR 2019 EN

• e-Shang and the Redwood group merged to form ESR with investments by leading Chinese financial institutions • Launched our first post-merger logistics development fund in Japan, Redwood Japan Logistics Fund II (RJLF II) • Established the first China core fund, China Invesco Core Fund, focusing on investing in mature income-yielding logistics properties, and made a disposal of c. US$300 million of assets to the fund • Expanded into the Singapore market and obtained control of the ESR-REIT Manager • Launched the India platform with best-in-class management team • Expanded into Australia via investments in Centuria (a listed property funds manager on Australia Securities Exchange (ASX) and Propertylink (an industrial and office investment group listed on ASX) • Secured a US$333 million strategic equity investment from South Korea’s SK Holdings • Secured a US$140 million equity investment by a client of State Street Global Advisors and various Stepstone funds • Made a strategic investment in CNLP, the third largest logistics real estate player in China, which is listed on the Hong Kong Stock Exchange (SEHK) • Co-investment with the Canada Pension Plan Investment Board in a new US$500 million South Korea Core Fund • Acquired the entire equity interest in Commercial and Industrial Property (CIP), a leading property development group in Australia • ESR-REIT completed the merger with Viva Industrial Trust, the first merger of REITs listed on the Singapore Stock Exchange • Established first Core Fund in Japan in a new core joint venture with AXA Investment Managers- Real Assets and a major sovereign wealth fund • Established a US$330 million second Core Fund (NCI Core Fund) in China with New China Life Insurance • Formed a c. US$1 billion development joint venture (inclusive of debt) with Allianz Real Estate, with the initial capital commitment of US$229 million for the India Fund • Secured pre-IPO investments of US$306 million from JD.com and US$40 million from CITIC Securities One-Belt One-Road (“CSOBOR”) Fund, a private equity investment fund of CLSA • Completed acquisition of 100% of the securities of Propertylink and Propertylink was subsequently delisted • Established the Japan Logistics Fund III (RJLF III) of c. US$1.8 billion investment capacity • Took control of the manager of Sabana REIT, an industrial REIT listed on the Singapore Exchange • Disposal of seven balance sheet properties to NCI Core Fund • Listed on the main board of SEHK on 1 November (Stock Code: 1821) • Expanded development pipeline with the purchase of a prime 21 hectare development site in New South Wales, which will be developed into ESR Horsley Logistics Park • Established a new US$240 million Australia mandate, ESR Australia Logistics Trust • Established a new US$94 million core-plus mandate in Australia ESR’S EXPLOSIVE GROWTH STAGE 2016 2017 2018 2019 7.4 US$ billion 12.0 US$ billion 16.0 US$ billion 22.1 US$ billion AUM 39 ESR Annual Report 2019 MILESTONES