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

Stock Markets26 minutes ago (Apr 18, 2021 10:45PM ET)

(C) Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

HONG KONG (Reuters) – Logistics real estate manager ESR Cayman Limited said it will join with Singaporean sovereign wealth fund GIC to buy an Australian portfolio from Blackstone (NYSE:BX) 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.

The portfolio encompasses 45 income-producing assets across major cities including Adelaide, Brisbane, Melbourne, Perth and Sydney, covering a total land area of 3.6 million square meters (38.8 million square feet).

ESR shares rose 1% in early trading in Hong Kong, versus a flat broader market.

($1 = 1.2975 Australian dollars)

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

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