Blackstone Inc said on Friday it would buy Singapore wealth fund GIC’s 49% stake in an Australian logistics trust for A$2.1 billion ($1.50 billion), as the U.S. private-equity giant looks to tap into the country’s fast-growing e-commerce market.
The deal for the stake in Dexus Australia Logistics Trust (DALT) will be the largest investment in Asia under its Core+ Real Estate strategy, Blackstone said.
About 90% of DALT’s portfolio is exposed to Sydney and Melbourne and is weighted to traditional logistics facilities, a key pillar of growth for the e-commerce sector, Dexus said in a separate statement.
The deal will also help Blackstone gain a foothold in Australia’s online shopping market as e-commerce penetration rate remains relatively low despite high sales, the private equity firm said.
Read more/Source: Reuters
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