ESR

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

Launch date

Jan 2016

Employees

Market cap

Enterprise valuation

CAD15.2b (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		CAD409m

exited