ESR
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.
Website Case Studies Disclaimer
The investments described in the case studies are provided for illustrative purposes only and are not, and do not purport to be, representative of all investments, or all types of investments, previously made by Warburg Pincus, or indicative of the performance of all prior Warburg Pincus investments. The case studies have been selected on the basis of objective criteria that Warburg Pincus believes are representative of the firm’s experience partnering with portfolio company management teams, and of the sectors, stages, strategies and/or geographies in which the firm invests. The information provided in the case studies are not necessarily an indication of future results, and may not be relied up for any purpose. Warburg Pincus’ current or future portfolio companies may differ materially in size, type, performance and other characteristics from the investments presented in the case studies. Further, references in this case study should not be construed as a recommendation or offer to buy or sell any particular security or to make any particular investment.