The property investment division of Chinese e-commerce giant JD.com is joining forces with Swiss firm Partners Group and EZA Hill Property, backed by Hillhouse, to establish a Singapore-based real estate investment trust (REIT) valued at more than US$1 billion, according to people familiar with the matter.
The planned REIT, which could be listed on the Singapore Exchange as early as next year, has not previously been reported. The consortium is currently finalising the portfolio mix, with industrial properties in Singapore, recently acquired from CapitaLand Ascendas REIT for S$306 million (US$238.56 million), expected to form part of its initial holdings.
The three firms completed the CapitaLand acquisition earlier this month and are now working towards concluding the REIT’s set-up by October. The eventual valuation may fluctuate depending on the composition of the asset base, sources said.
If the launch goes ahead, the vehicle would represent one of the largest new entrants into Singapore’s REIT sector in over a year, a move that highlights both renewed investor interest in the market and the growing influence of Chinese capital in Southeast Asia.
In addition to the Singapore assets, the companies are planning to expand the REIT across Southeast Asia, with a focus on logistics and industrial properties, according to a third source.
The initiative comes against the backdrop of a tentative revival in Singapore’s REIT market, which had seen a slowdown in listings since 2021 amid rising interest rates and global economic uncertainty. The successful IPO of NTT DC REIT earlier this year, the largest in the city state since 2021, and recent gains in the benchmark index have highlighted improving sentiment.
EZA Hill, one of JD Property’s partners in the venture, is backed by Rava Partners, the real assets arm of Hillhouse. The firm has been actively investing in logistics and industrial platforms across Southeast Asia.
JD Property, majority-owned by JD.com, has been steadily building a global footprint over the past three years, with a portfolio spanning more than 50 projects across nine countries, including Japan, Indonesia and the United Arab Emirates. The firm counts Warburg Pincus and Hillhouse among its minority investors and has also worked with sovereign wealth funds such as Singapore’s GIC and Abu Dhabi’s Mubadala to raise substantial capital for logistics developments.
Alongside the Singapore REIT initiative, JD Property is continuing to pursue a separate market listing through an initial public offering (IPO) in Hong Kong. The company filed for the IPO in March 2023 but is still awaiting regulatory approval. No timeline for that listing has yet been confirmed.
Neither JD.com, JD Property, Partners Group nor EZA Hill responded to requests for comment. CapitaLand also declined to confirm the identity of the buyer of its logistics assets.
JD Property is part of JD.com’s “new businesses” division, which also includes JD Food Delivery, Jingxi and international ventures.