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ESR partners PGIM for POKKA's BTS logistics facility

Goola Warden
Goola Warden4/1/2022 06:33 PM GMT+08  • 2 min read
ESR partners PGIM for POKKA's BTS logistics facility
ESR and PGIM Real Estate tie up for a build-to-suit logistics facility for POKKA
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On Apr 1, ESR Cayman and PGIM Real Estate announced a built-to-suit (BTS) redevelopment project for POKKA Logistics Singapore, the manufacturer and marketer of the popular ready-to-drink beverages under the POKKA brand.

The project is a redevelopment of POKKA’s existing single storey warehouse located at 4 Benoi Crescent which has been in operations for over 30 years. ESR will partner with PGIM Real Estate’s Asia core strategy to invest approximately US$100 million to acquire the leasehold rights of the site from POKKA and develop a circa 64,490 sqm, five-storey, best-in-class warehouse facility to be completed in 1Q2024. POKKA has committed a 10-year lease of a minimum of 70% of the building space, with an option for further extensions.

PGIM Real Estate is the real estate investment and financing business of PGIM, the US$1.5 trillion global investment management business of Prudential Financial.

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