Blackstone sells logistics portfolio for $3b

Blackstone has sold its Milestone Portfolio for A$3.8 billion ($3.0 billion) to ESR Australia, which partnered with Singapore-based GIC as its capital partner.

The acquisition was made under a newly formed investment vehicle, ESR Milestone Partnership, in a deal that will see ESR contribute 20 percent of the equity.

The platform sale comprises 45 assets held by Blackstone’s Milestone logistics portfolio, which includes properties in Sydney, Melbourne, Brisbane, Adelaide and Perth.

“The Australian logistics market is very attractive to global investors, with the sector viewed as one of the most dynamic and resilient asset classes globally,” said Stuart Crow, CEO, capital markets, Asia Pacific, JLL, which acted as adviser to Blackstone on the sale. “Increasingly, we are seeing opportunities for investors to expand their exposure in logistics through platform deals. We congratulate ESR, GIC and Blackstone on this landmark deal, and JLL is proud to have advi