ESR Group (HKG:1821) raised 953.1 million yuan in net proceeds through the spinoff and separate listing of three logistics assets in China, a Friday Hong Kong bourse filing said.
The spin-off was done by listing three logistics projects in Kunshan, Jiangsu Province, China, through an infrastructure securities investment fund on the Shanghai Stock Exchange.
The real estate asset manager listed a REIT holding the project company, Jiangsu Friend Warehouse, which controlled the three logistics projects.
As a result of the spinoff, ESR now holds a 41% equity interest in Jiangsu Friend Warehouse through the REIT, and the project company has ceased to be a subsidiary of ESR.
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