Blackstone buys 4 industrial assets in Australia
The Blackstone Group has acquired four industrial assets in Australia for A$126 million ($94.5 million) from two Charter Hall funds.
Under the deal, the Charter Hall Prime Industrial Fund and the Core Logistics Partnership have sold the assets and will use the cash raised for potential development projects.
Three of the properties are owned by CPIF and one asset by CLP.
The portfolio comprises 175 Eagle Farm Road, Pinkenba, Queensland; 140–160 Robinson Road, Geebung, Queensland; 2–10 Interchange Drive, Laverton North, Victoria; and 5–29 Frederick Road, Tottenham, Victoria.
Charter Hall manages Australia’s second-largest industrial platform, with a A$4.7 billion ($3.5 billion) portfolio in key Australian markets.
The CPIF portfolio consisted of 41 assets located within close proximity of key transport infrastructure, had high-quality earnings underpinned by long-term leases to strong tenant covenants, and high-quality properties with a