Logistics real estate manager ESR Cayman Limited said it will join with Singaporean sovereign wealth fund GIC to buy an Australian portfolio from Blackstone for A$3.8 billion ($2.9 billion).
The deal is the largest logistics and general property portfolio transaction in Australia to date, ESR said late on Sunday, making it the third-biggest logistics landlord in the country with asset under management increasing to A$7.9 billion.
Hong Kong-based ESR said it will contribute 20% of the equity in the investment vehicle with GIC contributing the remainder. The deal is expected to provide an initial yield of 4.5% with a 6.9-year weighted average lease expiry, ESR said in a statement.
Read more at Reuters
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