by SONG Jianan
JD Property, the infrastructure and real estate arm of JD.com, one of China's largest e-commerce groups, has jointly acquired four Grade A logistics warehouses in Singapore for about S$300 million (US$234 million), adding to its logistics footprint in Southeast Asia.
The assets are in Singapore's core logistics hubs and have a combined gross floor area of about 175,000 square meters. The buyers include EZA Hill, a Singapore-based property company set up by Hillhouse Capital through its real estate investment platform Rava Partners, and a private real estate investment firm.
The transaction extends a partnership between JD Property and EZA Hill in the region. In 2023, the two sides jointly acquired a Singapore logistics asset package from ESR Group's new-economy REITs for close to S$350 million.
JD Property was formed out of JD Logistics' self-built warehouse network. It developed its first "Asia No.1" ultra-large intelligent warehouse in 2014 and began operating independently in 2018. The company said it now manages nearly 350,000 square meters of Grade A logistics space in Singapore.
Frank Ng, chief investment officer of EZA Hill, said the partnership combines local market experience with JD Property's international operating standards. JD Property said the acquisition is part of its efforts to build a global logistics network.
JD has pursued overseas investments this year, agreeing in April to buy the Wacol logistics center in Brisbane for A$240 million and later acquiring logistics assets in Britain and a Hong Kong supermarket chain.
In early December, JD secured control of German consumer electronics retailer CECONOMY, lifting its total stake to 85.2%. Founder Richard LIU Qiangdong has outlined a strategy focused on localized operations overseas rather than cross-border sales.
JD said it now operates more than 130 overseas warehouses across 23 countries and regions as it accelerates construction of a global logistics network.
