• Sector: Real Estate
  • Geography: China
  • Stage: Early
  • Investment Year: 2011
  • Exit Year: 2021
  • Website Link


Warburg Pincus co-founded ESR Cayman Limited (ESR, formally known as e-Shang), a leading logistics real estate platform focusing on Asia Pacific in 2011, together with two experienced local entrepreneurs in China. ESR was founded on the back of Warburg Pincus’ strong conviction in the compelling long term demand for modern warehouses from e-commerce in Asia Pacific. Following the investment, ESR achieved exponential growth from a single-country company of 4 projects, to a multi-national platform with a total GFA of over 22.6 million sqm and a total assets under management of over $36 billion as of June 2021. Warburg Pincus worked closely with the management team to develop internal controls and underwriting processes, assisted in its capital raising initiatives to extend the asset management business, and several transformational mergers and acquisitions over time. With the support of Warburg Pincus, the company successfully listed its shares on the Hong Kong Stock Exchange in November 2019. The total offering size of over $1.8 billion made it the largest real estate offering in Hong Kong since 2014. The Hong Kong IPO was awarded the “Exit of the Year” by SVCA, “Firm of the Year (China)” by PERE and “Firm of the Year (Asia)” by AVCJ in 2020.

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