ESR Cayman Ltd. is exploring a South Korean IPO of a real estate investment trust, with a view to raising at least $500 million, Bloomberg News reported, citing people with knowledge of the matter.

The Warburg Pincus LLC-backed logistics real estate developer recently invited banks to pitch for the potential listing, which could take place in 2020 and comprise its existing South Korean assets and other properties, the report added.

ESR Cayman reportedly has six assets in South Korea, including Bucheon Cold Chain Logistics Park, Gachang Logistics Park and Juksan Logistics Park.

The news outlet could not get a comment from Warburg Pincus or ESR Cayman.