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ESR Australia settles on Milestone Portfolio and operating business in Australia's largest-ever property deal
Transactions - JUNE 18, 2021

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ESR Australia settles on Milestone Portfolio and operating business in Australia’s largest-ever property deal

by Released

ESR Australia has settled on the purchase of the Milestone Portfolio and operating company in the largest-ever property transaction in Australia, officially taking control of 45 high-quality, income-producing assets of more than 3.6 million square meters (39 million square feet) and collectively valued at A$3.8 billion ($2.8 billion).

The acquisition represents a 72 percent uplift in ESR Australia’s AUM, which is now valued at A$8.1 billion ($6.1 billion), and positions ESR as the third-largest industrial owner in the country, within three years of entering the Australian market.

ESR Australia CEO, Phil Pearce, said, “In recent months, there have been several assets transact at sub 4 percent yields along the eastern seaboard, which provides further validation for the price paid for the portfolio and ESR’s view that the market would continue to be strong. Land prices around the country have continued to grow at accelerated rates, which will allow ESR to bring forw

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