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Sign in Sign up for a FREE subscriptionESR Cayman launches $602m Australian logistics platform
ESR Cayman has launched a new Australia-focused, core-plus logistics partnership, known as ESR Australia Logistics Partnership (EALP).
EALP is seeking to raise A$1 billion ($602.4 million) of equity and will be anchored by Singapore's GIC, which is providing an initial commitment of A$450 million ($271.1 million).
The partnership has been seeded with A$715.6 million ($431.1 million) of 20 income-producing industrial and logistics assets currently held on ESR's balance sheet. The majority of the assets are located on Australia’s eastern seaboard.
This is the largest capital raising to date for ESR Australia.
“This is a significant milestone in the growth of ESR Australia, as it substantially completes our strategy of recycling capital from the sell-down of our balance sheet to fund the g