ESR launches $692m ESR Australia development partnership
ESR Cayman has launched ESR Australia Development Partnership (EADP), a new Australian develop-to-hold logistics fund.
With a target fund size of A$1 billion ($692 million), GIC has committed A$400 million ($277 million) as the cornerstone investor. EADP will focus on strategically located sites that benefit from infrastructure or proposed infrastructure upgrades in the eastern seaboard Australian cities of Sydney, Melbourne and Brisbane.
EADP is to be seeded with two prime land parcels within the Sydney metropolitan area, contracted over the past 12 months as part of ESR Australia's land bank strategy for a total consideration of A$190 million ($131 million). The seed land parcels will be developed into premium logistics assets with an end value of approximately A$410 million ($284 million).ESR Horsley Logistics Park is a 20.8-hectare (51-acre) site purchased from CSR in late 2019 and destined to become a premium distribution park with a total gross floo