AsianFin -- JD.com is planning to expand its overseas footprint by establishing a real estate investment trust (REIT) in Singapore. The REIT’s asset value could exceed $1 billion.

The initiative is being led by JD Property, the e-commerce giant’s privately held infrastructure investment and asset management platform, in partnership with Swiss investment firm Partners Group and EZA Hill Property, an Asia-backed investment vehicle supported by Hillhouse Capital. Sources indicated the REIT could debut on the Singapore Exchange (SGX) as early as 2026.

Earlier this month, JD Property, Partners Group, and EZA Hill jointly acquired four logistics assets from CapitaLand’s Tengfei REIT for S$306 million ($230 million). The trio is now finalizing the REIT’s asset portfolio, which is expected to include these industrial properties and gradually expand to encompass additional logistics and commercial assets across Southeast Asia.

The companies aim to complete the REIT’s formal establishment by October this year, with the final valuation contingent on the full asset mix.