ESR (01821) has completed the suggestion to spin off logistics assets through a public offering of infrastructure securities investment funds for independent listing on the Shanghai Stock Exchange.

ESR (01821) announced that, in accordance with the pilot program launched by the National Development and Reform Commission and the China Securities Regulatory Commission, three high-standard logistics projects located in Kunshan City, Jiangsu Province, China - Jiangsu Fuli De Warehousing Co., Ltd. Phase I, Jiangsu Fuli De Warehousing Co., Ltd. Phase II, and Jiangsu Fuli De Warehousing Co., Ltd. Phase III are potentially listed on the Shanghai Stock Exchange through the public offering of infrastructure securities investment funds. All prerequisites for the proposed transaction have been met and the proposed transaction was completed on January 24, 2025. The securities investment fund will be listed on the Shanghai Stock Exchange at 9:30 am on January 24, 2025, with a stock code of 508078. Following the subscription of fund units and completion of the proposed transaction, the company will hold a 41% equity interest in the project company through the securities investment fund. The project company will no longer be a subsidiary of the company, and its results will no longer be consolidated in the group's financial statements. According to the proposed transaction, the net proceeds received by the group from the sale of assets (after deducting (i) issuance expenses and taxes; (ii) repayment of existing bank loans; and (iii) the group's investment in the 41% fund units) is approximately RMB 953 million.