ESR

E-Shang Redwood is a pan-Asia logistics real estate developer and operator.

Launch date

Jan 2016

Employees

Market cap

Enterprise valuation

€10.1b (Public information from Sep 2024)

Central and Western District Hong Kong Island (HQ)

http://www.esr.com/en/

https://www.linkedin.com/company/the-redwood-group

Notable known LPs: CPP Investments, All Pension Group (APG), GIC

Revenues, earnings & profits over time

USD	2020	2021	2022	2023	2024	2025	2026
Revenues	388m	404m	821m	871m	674m	875m	978m
% growth	9 %	4 %	103 %	6 %	(23 %)	30 %	12 %
EBITDA	490m	640m	1.0b	717m	859m	860m	1.0b
% EBITDA margin	126 %	158 %	123 %	82 %	127 %	98 %	103 %
Profit	286m	349m	574m	231m	360m	445m	439m
% profit margin	74 %	86 %	70 %	26 %	53 %	51 %	45 %
EV / revenue	32.8x	31.9x	15.8x	12.5x	16.7x	13.0x	13.3x
EV / EBITDA	26.0x	20.2x	12.8x	15.2x	13.1x	13.3x	12.8x

Date	Investors	Amount	Round
-	Warburg Pincus Everbright Securities	N/A	-
Jan 2017	N/A	$300m	-
Feb 2017	Huarong International Financial Holdings China Everbright Limited GF Investments	$100m	Growth Equity non VC
Jul 2017	SK Group ESR	$333m	Growth Equity non VC
May 2018	JD.com	$306m	Growth Equity non VC
Oct 2019	N/A	N/A	IPO
Nov 2021*	N/A	$700m	Post IPO Debt
May 2022*	United Overseas Bank Maybank	SGD300m	Post IPO Debt
Mar 2024*	Starwood Capital Group	N/A	Post IPO Equity
Total Funding		€273m

exited