ESR Group Limited reports 14% increase in EBITDA fund management

The unaudited adjusted EBITDA was US$549m.

ESR Group's fund management EBITDA grew 14% YoY, which accounts for 55% of its total  EBITDA, which is a big jump from less than 25% at their IPO four years ago.

The group's fee-related AUM went up 10% YoY to US$78 billion, and raised US$2b through 15 new or upsized funds and mandates.

It's new economy Real Estate business continued to perform strongly, with near-zero vacancy levels in most of their markets, excluding China. The group also documented rental reversions of over 10%

The adjusted EBITDA of ESR Group declined 18% YoY in the first half (H1) of 2023 to US$549m from US$670m in H1 2022, which stemmed from lower fair value gains in new economy investment and development segments.

Its adjusted PATMI also fell 26.3% YoY to US$303.7m in H1 2023 from US$412m in H1 2022. The figures are unaudited and the adjusted EBITA and PATMI are non-IFRS measures, the group said in its financial report.

In its outlook, ESR Group said it is focused on “key long-term macro trends of the New Economy: e-commerce and artificial intelligence for logistics and data centres; the growth of biotech and biopharma for life sciences; and decarbonisation for infrastructure/renewables.”