EZA Hill Property Management has acquired a portfolio of three logistics properties in Indonesia worth US$148 million from LILV Portfolio, a fund managed by ESR Group.
EZA Hill is a real estate investment platform backed by alternative investment manager Hillhouse Investment through its real assets division, Rava Partners.
The deal represents EZA Hill’s maiden acquisition in Indonesia, and marks an important milestone beyond Singapore and into South-east Asia, said the company on Wednesday (Nov 27).
All three logistics assets in the portfolio are located in Greater Jakarta, namely in the industrial and logistics sub-markets of Cikarang, Cibitung and Cileungsi.
EZA Hill said the “high-quality income-generating” assets total 137,000 square metres of built-up net lettable area (NLA).
Two of these assets have a further 274,000 sq m of developable NLA, which the company intends to utilise to further grow the portfolio.
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The asset in Cikarang is within a manufacturing cluster, where the company noted strong warehouse demand from factories and assembly businesses.
The other properties in Cibitung and Cileungsi are “well connected with both benefiting from newly completed toll roads and demand from e-commerce, fast-moving consumer goods and last-mile delivery tenants”, said EZA Hill.
Rava Partners co-head Joe Gagnon said the real asset manager is building its expertise to operate in South-east Asian markets, as it sees “great potential for growth” in the region.
Yan Chengkang, managing director at Hillhouse, added: “Eza Hill’s important investment is part of Hillhouse’s broader commitment to South-east Asia and the Indonesian market. We are excited to see Eza Hill’s growing influence and leadership as they establish themselves as a key player in advancing the region’s supply chain infrastructure.”
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