The JV has deployed over 80% of the initial US$1 billion equity allocation in less than two years with over 1.3 million sqm of class A warehouse space under development. According to an ESR announcement the JV is a successor vehicle to the US$1.15 billion maiden development joint venture (ESR-KS I). To date, a total of 3.9 million sqm of class A warehouse space has been developed (or under development) by ESR-KS I and ESR-KS II. ESR-KS I has divested 30% (by total equity) of its completed properties to ESR Kendall Square REIT to date, generating total proceeds of over US$1.38 billion.developed (or under development) by ESR-KS I and ESR-KS II. ESR-KS I has divested 30% (by total equity) of its completed properties to ESR Kendall Square REIT to date, generating total proceeds of over US$1.38 billion.
ESR-Kendall Square, ESR’s South Korean platform, is the largest logistics owner in the country with US$9.2 billion of assets under management (“AUM) and 4.3 million sqm of GFA as of Dec 31, 2021. In the 2021 Global Real Estate Sustainability Benchmark (GRESB) Assessment, ESR-KS I was named “Regional Sector Leader” in the Development Benchmark, industrial real estate sector. The fund also received the highest possible 5 Green Stars rating, scoring 93 points and topped five “GRESB Development” rankings.
