Blackstone (BX) acquires GIC stake in Australian logistics assets

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New York-based private equity fund, the real estate arm of Blackstone, has acquired Singapore-based GIC’s 49% stake in Dexus Australia Logistics Trust (DALT), which operates a portfolio of logistics assets in Australia .

The companies did not disclose the transaction value of the transaction in their statements. However, Blackstone said in a statement that it was “Blackstone Real Estate’s largest investment in Asia” to date.

DALT operates 77 premium logistics assets concentrated in Sydney and Melbourne, with strong exposure to densely populated areas and major transportation hubs.

Increases exposure to logistics

“The transaction significantly increases our Asia Core + Real Estate exposure to the logistics space and is in line with our strategy of overweighting high conviction sectors and locations,” said Frank Cohen, Head of Core + Real Estate at Blackstone, in a statement. . a statement friday.

Other key Blackstone transactions in Australia this year include the sale of Milestone, an Australian logistics portfolio, in the largest private real estate transaction in the country at the time; acquisition of Fort Knox Self-Storage, a portfolio of self-storage assets in Melbourne; and a controlling stake in Grosvenor Place, an iconic office tower in Sydney’s central business district.

“We are delighted to have worked with GIC to grow this high quality portfolio. This new relationship offers a stable source of long-term capital to invest alongside us. We welcome Blackstone to our platform and look forward to continuing to drive the strong performance of the partnership, ”said Darren Steinberg, CEO of Dexus, in a statement.

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