(Mar 6): ESR, the logistics real estate platform backed by Warburg Pincus, is expected to carry out an IPO in Hong Kong within the next two quarters, according to Mingtiandi.

The stock market listing could bring in US$1-1.5 billion ($1.4-2 billion), according to sources familiar with the listing who spoke with Mingtiandi.

ESR said in its filing to the Hong Kong stock exchange last Friday that it would use the proceeds of the share sale to pare debt, finance completion of projects in its pipeline and to further expand through mergers and acquisitions.

The listing would offer investors access to a slice of the largest Asia Pacific-only logistics real estate player by the assets that it owns either directly or through the funds and investment vehicles that it manages, according to JLL research in the filing.

ESR was created from a 2016 merger between Shanghai-based e-Shang and Japan’s Redwood Group and has already built a portfolio of 5.7 million sqm of facilities across China, Japan, India, Singapore and Korea, and has rapidly been establishing a presence in Australia.

As at Sept 30, ESR had assets under management in excess of US$14 billion. Industry leader and Singapore-based GLP, which manages US$64 billion in assets, has already extended its operations beyond Asia Pacific into the Americas and Europe.

See: Allianz expands logistics business into Japan by investing with E-Shang Redwood

See also: Warburg Pincus-backed ESR in talks to buy Singapore's Sabana REIT: sources