ESR Cayman Ltd. partnered with Singapore's wealth fund GIC Pte. Ltd. in a joint venture to develop logistics facilities in China.

The joint venture has a total equity commitment of US$500 million, which will be used to build institutional grade logistics assets in key cities across the country.

The deal marks ESR and GIC's second partnership following the duo's collaboration in Japan, according to a release.

ESR is an Asia-Pacific-focused logistics real estate platform with a presence in China, Japan, South Korea, Singapore, Australia and India.