e-Shang Redwood’s acquisition of Singapore REIT manager signals regional ambitions

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Singapore-listed industrial REIT, Cambridge Industrial Trust, may now be better poised for international expansion given the sale of an 80% stake in its manager to the subsidiary of a regional logistics real estate investment firm.

nabInvest Capital Partners and CREIM Limited have agreed to sell their 80% indirect interest in the REIT’s manager to e-Shang Infinity Cayman, a subsidiary of logistics property investment firm, e-Shang Redwood.

The acquisition is expected to be completed by the end of this week.

The sale includes Infinity Cayman acquiring a 100% indirect interest in Cambridge Industrial Property Management, the property manager of Cambridge Industrial Trust.

e-Shang Redwood currently has 6.5 million square metres of built-to-suit, and multi-tenanted logistics properties in operation or under development in China, Japan and South Korea, with an additional 6 million square metres in the pipeline.

The firm’s acquisition of Cambridge Industrial Trust’s manager represents its first foray into the Southeast Asian region.

“Our investment underscores our confidence in the underlying fundamentals and quality of [Cambridge Industrial Trust’s] portfolio of assets, which provide us a strong platform for further diversification and growth into Singapore, and key markets across Asia”, said Jeffrey Shen and Stuart Gibson, co-CEOs of e-Shang Redwood, in a jointly-issued statement on the acquisition.

Units of Cambridge Industrial Trust last changed hands on the Singapore Exchange at SGD0.555, after a brief trading halt was enacted, and subsequently lifted, pending the announcement of the acquisition.

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