ESR Group

As logistics real estate matures across Asia-Pacific, performance is increasingly driven by operational execution rather than market momentum, explains ESR’s Phil Pearce.

The Singaporean firm is raising capital to deploy in France, with plans to expand in Asia once founder Trent Iliffe's non-compete with ESR concludes.

Hong Kong-based firm first began divesting its ownership interest in Cromwell with the sale of a 10.8% stake in May 2025.

One high-level external hire is former Starwood co-head of Europe David Matheson, who previously sat on the board of ESR.

ESR will remain Cromwell’s largest shareholder, retaining a 19.9% shareholding, after selling 10.8% in a block trade.

The firm’s C-suite executives may hail from Goldman Sachs, but its property business has multiple links to another industry heavyweight.

Led by the LOGOS co-founder and three other executives, the firm is looking to corral the equity across four funds in Vietnam and India.

ESR shareholders Warburg Pincus and Qatar Investment Authority have joined the consortium in its updated bid for the Asian logistics giant.

Logistics investors anticipate abundant opportunities in a market that has reset, with demand being fueled by occupiers fortifying their supply chains against further disruption.