Blackstone Buys GIC’s $1.5 Billion Stake in Logistics Venture
- Dexus Australian Logistics Trust owns a portfolio of 77 assets
- Buyout firm to acquire 49% stake from Singapore’s wealth fund
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Blackstone Inc. is acquiring a stake in an Australian logistics trust from Singapore sovereign wealth fund GIC Pte. for A$2.1 billion ($1.5 billion), in a bet on rising e-commerce demand in the country.
The U.S. buyout firm is adding 77 premium-grade logistics assets located in Sydney and Melbourne into its portfolio with the acquisition of a 49% stake in Dexus Australian Logistics Trust, Alan Miyasaki, Blackstone’s head of Asia real estate acquisitions, said in an interview.