• Korea's first logistics REIT raised approximately
  US$650 million through pre-IPO investments and global offering
• Overwhelming response from both international and
  domestic investors demonstrates strong market appetite for public REITs with
  prime quality logistics assets and stable returns
• Further cements ESR Kendall Square as the dominant
  logistics real estate platform in Korea with over US$7.2 billion of AUM
• ESR further scales its integrated platform of public
  and private vehicles to accelerate long-term growth

SEOUL/HONG KONG�-�Media OutReach�-�23 December 2020 -�ESR Cayman Limited ("ESR" or the "Company", together with its
subsidiaries as the "Group"; SEHK Stock Code: 1821), the largest APAC focused
logistics real estate platform, today announced the successful listing of ESR
Kendall Square REIT Co., Ltd. ("ESR Kendall Square REIT"; KRX Stock Code: 365550) on the KRX KOSPI Market of the Korea Exchange, marking the first
publicly listed institutional quality logistics asset focused real estate
investment trust ("REIT") in Korea. With the completion
of the global offering, ESR Kendall Square REIT has a portfolio with total
asset value of approximately US$1.3 billion and a market capitalisation of
approximately US$650 million.

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ESR Kendall Square REIT is sponsored by ESR Kendall Square, a subsidiary
of ESR, with prime logistics facilities in Korea as its underlying assets. The
initial portfolio consists of 11 modern, institutional-grade logistics
facilities mainly located in the Greater Seoul Metropolitan Area, with a total
GFA of 684,095 sqm. Ten of these were recently acquired, through a combination
of direct asset purchases and through the purchase of approximately 99% equity
interest in four real estate funds that own certain of the properties, from
funds managed by ESR Kendall Square. The acquisition of the 11^th
property, the Anseong Logistics Park, is expected to be completed by June 2021.

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Thomas Nam, CEO of ESR Kendall Square, said, "This is a very exciting
time and meaningful milestone for ESR Kendall Square. The successful listing of
ESR Kendall Square REIT is a testament to the strong portfolios of quality assets,
investors and tenants that our team has built through the years. With the
robust growth of e-commerce driven by a confluence of factors including the
pandemic, public investors have shown a growing appetite for quality core
assets that can generate stable, long-term returns. Backed by our team's
unrivalled capability and track record in developing and managing institutional-grade
properties, we are well positioned to capitalise on the continued growth of
e-commerce in order to deliver solid returns and value to our investors and stakeholders."

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Leveraging its relationship with the Group, ESR Kendall Square REIT is
expected to have opportunities to acquire additional properties managed by ESR Kendall
Square and its affiliates. It plans to continuously increase the value of its
investments by acquiring assets in key areas, taking into account the locations,
tenants and expected returns.

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Jeffrey Shen and Stuart Gibson, Co-founders and Co-CEOs of ESR, said, "We
are very proud of what ESR has achieved in the Korean market. As one of the
world's biggest e-commerce markets, Korea has continuously delivered ESR a strong
performance and set great standards for the industry under the leadership of
Thomas Nam and Jihun Kang. Thanks to the long-term support of our capital
partners and customers, as well as dedication of our team, ESR has built a
proven track record of robust growth across our public and private vehicles. We
look forward to carrying this momentum into 2021 as we continue to strengthen
our market presence and leadership position in Korea and the APAC region."

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ESR has built a strong portfolio of best-in-class logistics properties
across Korea, and now leads the market on multiple fronts with its exceptional
capability and track record in development as well as funds and asset management.
It is the leading owner of logistics stock^[1] in the country with the largest development pipeline in the Seoul
Metropolitan Area. As of 30 September 2020, the total AUM and GFA of ESR's Korea
business had reached approximately US$7.2 billion and approximately 3.3 million
sqm, respectively.

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Citigroup Global
Markets Korea Securities Limited, Morgan Stanley & Co. International Plc,
Seoul Branch and Korea Investment & Securities Co., Ltd. are the joint
global coordinators and underwriters. Other co-managers and underwriters taking
part in this global offering include NH Investment & Securities Co., Ltd.,
KB Securities Co., Ltd. and Samsung Securities Co., Ltd.