JD Property Asia Pacific head Richard Law
A platform backed by JD.com’s logistics real estate unit and EZA Hill Property Management has selected financial advisors for a planned Singapore REIT listing, according to a media report.
The sponsors have picked a group of banks to work on the potential initial public offering, which could raise S$1 billion ($775 million), Bloomberg said Tuesday. JD Property, an unlisted arm of the Chinese e-commerce giant, is teaming with Swiss fund manager Partners Group and EZA Hill, a portfolio company of Hillhouse Investment’s Rava Partners division, on the deal.
The three groups have been exploring a Singapore-listed REIT since at least last year, with Reuters reporting in August that the venture could comprise assets valued at more than $1 billion. The planned vehicle is expected to feature industrial properties assembled by the partners across the city-state, including a portfolio of four warehouses acquired from CapitaLand Ascendas REIT in December for S$306 million.
The financial advisors include Bank of America, DBS and UBS, said Bloomberg, which cited people with knowledge of the matter. The reported size would place the REIT among the largest new listings in recent years in Singapore, where $1.9 billion was raised in the IPO market in 2025 and $829 million in the first quarter of 2026, according to Bloomberg data.
Platform Set to Scale Up
The quartet of CapitaLand Ascendas REIT properties, located in logistics hubs like Jurong East and Ubi, forms part of a broader aggregation strategy by JD Property and EZA Hill aimed at creating a scalable income-producing platform.
EZA Hill co-founder and chief investment officer Frank Ng (Image: EZA Hill)
The partners had also joined forces in 2023 to acquire a five-asset Singapore portfolio from ESR-Logos REIT, building a pipeline for the proposed listing. Together the acquisitions have given the consortium a base of at least nine properties in Singapore, with additional assets potentially to be injected ahead of the IPO.
The partners plan to scale up the REIT with additional acquisitions across Southeast Asia, a source told Reuters last year.
JD Property operates more than 50 logistics projects across nine countries and has been expanding its fund management business ahead of its own planned IPO on the Hong Kong stock exchange.
EZA Hill, a Southeast Asia-focused builder and fund manager led by former PGIM and Viva Industrial Trust executive Frank Ng, contributes local operating expertise and has been active in assembling industrial assets in Singapore alongside its Chinese partner.
For Partners Group, the tie-up adds to a global real estate strategy focused on logistics and “new economy” assets tied to e-commerce and supply chain demand.
Promise and Peril
The planned listing comes amid a tentative revival of Singapore’s IPO market, with recent deals highlighting renewed momentum and lingering volatility in the city-state’s REIT sector.
UI Boustead REIT, the largest Singapore listing so far this year, fell 8.5 percent in its March trading debut after pricing its offering at S$0.88 per unit, underscoring fragile investor sentiment despite strong institutional backing.
The nearly $764 million IPO marked Singapore’s biggest REIT flotation since mid-2025, coming after NTT DC REIT last July raised $773 million in the biggest debut of a listed trust on the SGX in a decade.
That IPO was followed in September by the S$771 million listing of rental housing specialist Centurion Accommodation REIT, with the trust being 16 times subscribed and closing its first day of trading up more than 9 percent from its opening price.
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