ESR locks in commitments for Australian logistics

ESR Australia, a developer and manager of industrial, logistics and commercial properties, has secured a A$480 million ($353 million) initial commitment from investors for its ESR Australia Logistics Partnership II (EALP II) fund.

ESR Australia has established EALP II with an additional A$600 million ($443 million). The fund’s predecessor, EALP I, was launched with a seed portfolio value of A$715 million ($527 million) in May, growing via acquisition and development to a portfolio with a forecast end value of A$1.6 billion ($1.2 billion).

Now nearing full utilization, EALP I holds 33 income-producing assets, which account for more than 500,000 square meters (5.4 million square feet) of gross floor area, with 200,000 square meters (2.1 million square feet) of development opportunities.

In separate news, M&G Investments has committed A$200 million ($147 million) to ESR Australia Development Partnership (EADP), a develop-to-hold logistics strategy that launch