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    Home»Deals & Transactions»ESR, GIC to buy Australian logistics property portfolio from Blackstone for $2.9 bln
    Deals & Transactions

    ESR, GIC to buy Australian logistics property portfolio from Blackstone for $2.9 bln

    April 21, 2021Updated:April 21, 20211 Min Read
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    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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    Mergers and acquisitions
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