Notice Of Valuation Of Real Assets :: Asset Valuation

(Constituted in the Republic of Singapore pursuant to a trust deed dated 31 March 2006 (as amended))

ASSET VALUATION

Pursuant to Rule 703 of the SGX-ST Listing Manual, ESR Funds Management (S) Limited, as Manager of ESR-REIT, wishes to announce that it has obtained new independent valuations as at 31 December 2021 for ESR-REIT's properties.

The below independent valuations conducted by Knight Frank Pte Ltd ("Knight Frank"), Jones Lang LaSalle Property Consultants Pte Ltd ("JLL") and Cushman & Wakefield VHS Pte Ltd ("C&W") are reported on the basis of material valuation uncertainty due to COVID-19.

		No.				Address				Valuation as at
										31 December 2021
		Logistics/Warehousing
	1			1 Third Lok Yang Road and 4 Fourth Lok Yang Road (a)	$10,300,000
	2	25	Changi South Avenue 2 (a)	$12,000,000
	3			160 Kallang Way (b)	$24,400,000
	4			6 Chin Bee Avenue (b)	$96,400,000
	5	30	Pioneer Road (b)	$41,400,000
	6			4/6 Clementi Loop (a)	$39,200,000
	7	24	Jurong Port Road (b)	$85,700,000
	8			3 Pioneer Sector 3 (b)	$98,100,000
	9	15	Greenwich Drive (c)	$93,500,000
	10		48 Pandan Road (b) (d)	$227,700,000
	11		46A Tanjong Penjuru (a)	$119,600,000
		General Industrial
	12	70	Seletar Aerospace View (a)	$7,000,000
	13	30	Teban Gardens Crescent (b)	$30,500,000
	14	11	Ubi Road 1 (b)	$87,500,000
	15	29	Tai Seng Street (b)	$35,500,000
	16		30 Toh Guan Road (a)	$60,800,000
	17		128 Joo Seng Road (a)	$11,700,000
	18		130 Joo Seng Road (a)		$15,300,000

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		No.				Address				Valuation as at
										31 December 2021
	19		136 Joo Seng Road (a)	$12,600,000
	20	11	Lorong 3 Toa Payoh (c)	$48,700,000
	21	81	Tuas Bay Drive (b)	$28,000,000
	22	79	Tuas South Street 5 (a)	$10,700,000
	23	31	Tuas Avenue 11 (a)	$12,100,000
	24		1/2 Changi North Street 2 (b)	$22,400,000
	25		9 Tuas View Crescent (a)	$10,000,000
	26	28	Senoko Drive (a) (f)	$13,100,000
	27	31	Changi South Avenue 2 (b)	$13,300,000
	28	22	Chin Bee Drive (a)	$13,900,000
	29	54	Serangoon North Avenue 4 (a)	$22,900,000
	30		2 Tuas South Avenue 2 (b)	$36,700,000
	31		21B Senoko Loop (b)	$22,800,000
	32	60	Tuas South Street 1 (b)	$4,100,000
	33		5/7 Gul Street 1 (a)	$13,900,000
	34	28	Woodlands Loop (a)	$17,300,000
	35	25	Pioneer Crescent (a)	$16,400,000
	36	11	Woodlands Walk (a)	$17,600,000
	37	43	Tuas View Circuit (b)	$17,400,000
	38	13	Jalan Terusan (b)	$25,000,000
	39		160A Gul Circle (b)	$13,700,000
	40		3 Tuas South Avenue 4 (a)	$43,200,000
	41		8 Tuas South Lane (a)	$103,700,000
	42		120 Pioneer Road (b)	$36,500,000
	43	45	Changi South Avenue 2 (b) (g)	$10,700,000
	44		511 & 513 Yishun Industrial Park A (b)	$25,900,000
	45		86/88 International Road (a)	$40,500,000
		High-Specs Industrial
	46		21/23 Ubi Road 1 (a)	$36,500,000
	47	19	Tai Seng Avenue (b)	$49,300,000
	48		2 Jalan Kilang Barat (b)	$28,800,000
	49		11 Chang Charn Road (b)		$28,100,000

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		No.			Address			Valuation as at
								31 December 2021
	50	12	Ang Mo Kio Street 65 (c)	$37,000,000
	51	16	Tai Seng Street (a)	$58,500,000
	52	7000 Ang Mo Kio Avenue 5 (a) (e)	$306,200,000
	53	30	Marsiling Industrial Estate Road 8 (c)	$46,000,000
		Business Park
	54	16	International Business Park (b)	$32,500,000
	55	750 to 750E Chai Chee Road (c)	$257,600,000
		56(i)		6 & 8 Changi Business Park Avenue 1 - Business Park (b)	$381,000,000
		56(ii)		2 & 4 Changi Business Park Avenue 1 - Hotel (b)	$165,000,000
							Total	$3,176,200,000

Notes:

1. Valuation conducted by JLL.
2. Valuation conducted by Knight Frank.
3. Valuation conducted by C&W.
4. 100% of the valuation of 48 Pandan Road in which ESR-REIT holds 49% interest.
5. 100% of the valuation of 7000 Ang Mo Kio Avenue 5 in which ESR-REIT holds 80% interest.
6. Divested for a sale consideration of S$12.0 million on 14 January 2022.
7. Pending completion of divestment for a sale consideration of S$11.1 million.

Copies of the valuation reports and valuation certificates for the above properties are available for inspection by prior appointment at the Manager's registered office at 8 Changi Business Park Avenue 1, #05-51, ESR BizPark @ Changi (South Tower), Singapore 486018 during normal business hours for three months from the date of this announcement.

BY ORDER OF THE BOARD

ESR Funds Management (S) Limited

As Manager of ESR-REIT

(Company Registration No. 200512804G, Capital Markets Services Licence No.100132)

Adrian Chui

Chief Executive Officer and Executive Director

27 January 2022

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For further enquiries, please contact:
ESR Funds Management (S) Limited
Gloria Low	Lyn Ong
Corporate Communications Manager	Investor Relations Manager
Tel: [phone]	Tel: [phone]
Email: [e-mail]	Email: [e-mail]

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About ESR-REIT

ESR-REIT has been listed on the Singapore Exchange Securities Trading Limited since 25 July 2006.

ESR-REIT invests in quality income-producing industrial properties and as at 31 December 2021 holds interest in a diversified portfolio of 56 properties located across Singapore, with a total gross floor area of approximately 15.3 million square feet and an aggregate property value of S$3.2 billion1. The properties are in the following business sectors: Business Park, High-Specs Industrial, Logistics/Warehouse and General Industrial, and are located close to major transportation hubs and key industrial zones island-wide.ESR-REIT also holds a 10.0% interest in ESR Australia Logistics Partnership, a private fund comprising 36 predominantly freehold logistics properties all located in Australia.

The Manager's objective is to provide Unitholders with a stable income stream through the successful implementation of the following strategies:

• Acquisition of value-enhancing properties;
• Proactive asset management;
• Divestment of non-core properties; and
• Prudent capital and risk management.

ESR Funds Management (S) Limited, the Manager of ESR-REIT, is owned by namely, ESR Cayman Limited ("ESR") (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%).

For further information on ESR-REIT, please visit www.esr-reit.com.sg.

About the Sponsor, ESR

ESR is APAC's largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With US$140 billion in gross assets under management (AUM), ESR's fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and the U.S. ESR provides a diverse range of real asset investment solutions and New Economy real estate development opportunities across its private funds business, which allows capital partners and customers to capitalise on the most significant secular trends in APAC. With 14 listed REITs managed by ESR and its associates, ESR is the largest sponsor and manager of REITs in APAC with a total AUM of US$45 billion. ESR's purpose - Space and Investment Solutions for a Sustainable Future - drives it to manage sustainably and impactfully and ESR considers the environment and the communities in which it operates as key stakeholders of its business. Listed on the Main Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index. More information is available at www.esr.com.

• Includes 100% of the valuation of 7000 Ang Mo Kio Avenue 5 and 48 Pandan Road, in which ESR-REIT holds 80% interest in 7000 Ang Mo Kio Avenue 5 and 49% interest in 48 Pandan Road, but excludes the effects arising from the adoption of Financial Reporting Standard (FRS) 116 Leases which became effective on 1 January 2019.

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