Warburg-backed ESR considers REIT IPO of Korean assets

Beijing Tongzhou Park, one of ESR's portfolio properties in China.

Logistics real estate developer ESR Cayman Ltd. is considering an initial public offering of a real estate investment trust consisting of South Korean assets, people familiar with the matter said, weeks after it raised $1.8 billion in a Hong Kong listing.

The Warburg Pincus LLC-backed company recently invited banks to pitch for the potential share sale in South Korea, which could raise at least $500 million, said the people, who asked not to be identified as the discussions are private. The listing could happen as soon as next year, the people said. The REIT could consist of ESR Cayman’s existing assets in South Korea and other properties, one of the people said.

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