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.