ESR-REIT (SGX: J91U) is a Singapore based real estate investment trust. It has a market capitalisation of $946 million as of 20 Mar. Its predecessor was Cambridge Industrial Trust, which changed its name after e-Shang Redwood bought a majority stake in the REIT back in 2017.

ESR merged with Viva Industrial Trust in a $1.5 billion deal which saw ESR issued new units to buy over all of Viva’s shares. This created one of Singapore’s largest industrial property trusts with $3 billion worth of assets. 

ESR asset size relative to other industrial REITs. Source: Ascendas REIT 2019 Global Real Estate Conference presentation slide

ESR has been hammered in the recent market drop triggered by the Covid-19 outbreak. Its share price dropped from $0.54 in early-Mar to $0.27 on 20 Mar, a 50% fall. 

Can ESR survive the current crisis with its enlarged portfolio and Singapore-focused assets? 

Property Portfolio

ESR owns 57 properties worth $3.04 billion. Its