ESR invests in Thailand’s economic growth with first plant build for HARMAN

BANGKOK, 20 June 2024 – ESR Group Limited (“ESR” or the “Company”, together with its subsidiaries, the “Group”; SEHK Stock Code: 1821), Asia-Pacific’s leading New Economy real asset manager, together with United States-headquartered HARMAN International (“HARMAN”), today broke ground on a new investment in ESR Asia Laemchabang, in support of Thailand’s National Economic and Social Development Council’s call for the country to become a high-technology industrial economy.

With the aim of expanding business activities in Thailand, developing a skilled local workforce, and spurring long-term sustainable growth of the Thai economy, ESR and HARMAN are jointly working on a circa 47,000 square metres customised advanced manufacturing facility. When completed in 2025, it will house multiple assembly lines, office spaces, and ancillary amenities for approximately 1,200 co-workers initially.

Built to suit the requirements of the wholly owned subsidiary of Samsung Electronics Co. Ltd., the plant will manufacture highly sophisticated connected car solutions. HARMAN’s made-in-Thailand solutions, including automotive electronics and audio products, will reach car manufacturers domestically as well as international markets.

The ease of supply and trade is supported by ESR Asia Laemchabang’s strategic location within Thailand’s Eastern Economic Corridor and with the site being just 15 minutes from Laemchabang Deep Seaport, Thailand’s major deep seaport for export and import.

To complement Thailand’s Bio-Circular-Green economic development concept, ESR’s design for HARMAN’s facility will adhere to FM Global standards in safety and resilience, and target to attain Gold certification in Leadership in Energy and Environmental Design (“LEED”), which is the most widely used green building rating system in the world and a recognised symbol of sustainability achievement and leadership.

All ESR assets in Thailand incorporate human-centric features, renewable energy generation, electrification of logistics fleets, water efficiency management, and carbon footprint reduction right from the start during the design phase to bring benefits to customers, workers, and employees.

Jai Mirpuri, Head of Southeast Asia, ESR Group, said, “We are delighted to be HARMAN’s preferred development partner and supporting their business expansion and foray into Thailand with our active local expertise and strong operational excellence. We are aligned in our commitment to create jobs, share knowledge to uplift local workforce’s skillsets, and add critical infrastructure. Together, our investment and cooperation will boost Thailand’s high-technology transformation ambition and drive growth. In all we do to provide space and investment solutions for a sustainable future, our aim is to be the trusted developer and real asset manager for customers and investors alike.”

Sayarm Tongkrabin, Head of ESR’s Thailand platform, added, “Our partnership with HARMAN represents a significant milestone for our local communities. We are showcasing Thailand as a strategic industrial hub, which coincides with the Thailand Vision 2030 and the government’s effort in uplifting Thailand as a global centre for manufacturing and driving the economy towards a sustainable future, including tourism, wellness and medical, food, aviation, future automotive manufacturing, technology, and finance. This milestone gives us new energy to push even harder to solidify our growing commitment to the country’s growth.”

HARMAN will join Nasdaq-listed Advanced Energy at ESR Asia Laemchabang. ESR’s construction of Advanced Energy’s flagship semi-conductor manufacturing facility is expected to complete in the fourth quarter of 2024.

In Thailand, ESR has a total assets under management of nearly US$200 million and approximately 130,000 sqm of gross floor area (both completed and under construction) across its current portfolio of three projects: ESR Asia Suvarnabhumi, ESR Asia Laemchabang, and ESR Asia Bowin. Driving its Southeast Asian growth engine and to expand its market leadership, ESR targets to build a portfolio of two million sqm of logistics and industrial properties in Thailand by 2027, with a total investment value of approximately US$1 billion.

About ESR Group

ESR Group is Asia-Pacific’s leading New Economy real asset manager and one of the largest listed real estate investment managers globally. Our fully integrated fund management and development platform extends across Australia/New Zealand, Japan, South Korea, Greater China, Southeast Asia, and India, including a presence in Europe and the United States. We provide investors with a diverse range of real asset investment and development solutions across private and public investment vehicles. Our focus on New Economy real assets offers customers modern solutions for logistics, data centres, life sciences, infrastructure, and renewables. Our purpose, Space and Investment Solutions for a Sustainable Future, drives us to manage sustainably and impactfully for the communities where we operate and the spaces we develop to thrive for generations to come. ESR Group is listed on The Stock Exchange of Hong Kong (HKSE: 1821.HK). Visit www.esr.com for more information.

Media Contacts

Tan Hock Lee
Associate Group Corporate Affairs Director
+65 6972 2193
hocklee.tan@esr.com