ESR and PT MC Urban Development Indonesia have entered into a joint development agreement to build two logistics and industrial facilities in Greater Jakarta, while Singapore-based fintech M-DAQ Global has signed definitive agreements for a direct presence in Vietnam.
ESR, Mitsubishi unit to jointly develop $80m logistics assets in Greater Jakarta
Asia-Pacific real asset manager ESR and PT MC Urban Development Indonesia (MCUDI), a wholly owned subsidiary of Mitsubishi Corporation, have entered into a joint development agreement to build two logistics and industrial facilities in Greater Jakarta with a combined expected asset value of more than $80 million.
According to an announcement, the projects, located in Karawang and Cikarang, will deliver about 111,000 square metres of Grade A leasable space targeting logistics, e-commerce and manufacturing tenants. Construction has begun and is expected to be completed in the third quarter of 2027.
This marks the second phase of ESR and MCUDI’s broader strategic partnership in the country and builds on the successful delivery and leasing of three earlier projects—Karawang Logistics Park 1 as well as Cikarang Logistics Parks 1 and 2—collectively demonstrating strong customer demand.
“This investment reflects ESR’s asset-light strategy and focus on APAC markets with clear demand visibility and strong partner alignment. Following the success of our initial collaboration, we are scaling institutional‑grade logistics and industrial developments in strategic Greater Jakarta locations where supply remains structurally constrained,” said Jai Mirpuri, Head of Southeast Asia, ESR.
“We look forward to expanding our collaboration and investment with ESR in warehousing projects in Indonesia by combining our local capabilities with our accumulated know-how and network in Japan, alongside ESR’s fund management and development expertise,” said Hideaki Nakajima, incoming President Director of MCUDI.
M-DAQ Global expands presence in Vietnam
Singapore-based fintech M-DAQ Global has signed definitive agreements for a strategic integration with METech, the majority shareholder of Vietnamese licensed payments provider PayME, marking its first direct presence in Vietnam.
M-DAQ Global is a fintech group specialising in foreign exchange (FX) and cross-border payment solutions. The deal gives M-DAQ regulated payments infrastructure in Vietnam, enabling it to process local collections and payouts in Vietnamese dong directly rather than relying on third-party partners. The company said this will improve the efficiency of cross-border payment flows into and out of Vietnam.
M-DAQ’s integration of METech marks a further step in its strategy to build a comprehensive, licensed payments footprint across ASEAN’s key trade and economic corridors, building on previous expansions through EasyPay in Malaysia and Wallex in Indonesia.
With METech now part of its group, M-DAQ holds five regulated licenses, including across four key ASEAN markets.
“Vietnam is one of ASEAN’s most dynamic growth markets and a key pillar for the region’s digital transformation. We are proud to mark M-DAQ’s first direct presence in the country through this integration, advancing our ASEAN-focused strategy. This positions us well to unlock new opportunities across the region, strengthen connectivity between markets, and drive the next phase of scalable cross-border payments,” said Tan Choon Seng, Group CEO of M-DAQ Global.
