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ESR Group raises $1bn to accelerate data scope
International law firm Baker McKenzie has acted for ESR Group on the raising of US$1 billion to support it's inaugural data centre fund.
Emma Musgrave
Firm: Baker McKenzie (ESR Group Limited).
Value: US$1 billion.
Area: Finance.
Key players: The Baker McKenzie team was led by principal Derek Kwan and Jens Carle, with support provided by associates Jonathan Phay and Gabriel Fang.
Other team members involved included principal Geraldine Ong, partner Rico Chan and special counsel Mandy Lan.
Deal significance: The ESR Data Centre Fund I is described as a private equity real estate fund. According to a statement provided by Baker McKenzie, it will invest in data centre projects across the Asia-Pacific region.
“The Fund, which successfully raised US$1 billion at its first closing, has attracted investments from among the world's largest institutional investors,” the statement from Baker McKenzie said.
“We also acted as transaction counsel on ESR's investment in joint venture with US-based hyperscaler STACK Infrastructure (STACK) to build a 48-megawatt data centre in Incheon, Seoul.”
Commenting on the deal further, Baker McKenzie principal Derek Kwan said:
“New economy assets such as data centres are increasingly becoming a critical asset class for managers and investors, as evidenced by ESR's record fundraise. The fact that the client also appointed us to advise ESR's investment in its first joint venture with STACK is a vote of confidence on the team's competencies. It has been a privilege to act as ESR's counsel on these strategic transactions.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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