Blackstone announced that Blackstone’s Core+ Real Estate strategy in Asia signed a binding agreement to acquire GIC’s 49-percent stake in the Dexus Australia Logistics Trust, an existing joint venture with Dexus that owns a portfolio of high-quality logistics assets in Australia. Dexus owns 51 percent of the trust.
The portfolio of 77 premium-grade logistics assets is concentrated in Australia’s gateway cities, Sydney and Melbourne, with high exposure to densely populated areas and major-transportation hubs. The transaction marks the sixth investment in Asia this year under Blackstone Real Estate’s Core+ strategy and the largest investment in Asia under this strategy to date.
Frank Cohen, global head of Core+ Real Estate, Blackstone, said, “We are pleased to both acquire a portfolio of best-in-class logistics assets in Australia and partner with Dexus. The transaction significantly increases our Asian Core+ Real Estate exposure to the logistics space and is c
