GIC, Singapore’s sovereign wealth fund, and Dexus, an Australian REIT, have established the Dexus Australian Logistics Trust (DALT), a new circa A$2 billion ($1.45 billion) unlisted trust, to invest in logistics properties in Australia.
The joint venture will be seeded with a A$1.4 billion ($1.01 billion) high-quality logistics portfolio, comprising mostly core logistics facilities in strong performing precincts with good access to major arterial roads, rails and ports. The assets are located mostly in Sydney and Melbourne (97 percent), Australia’s key metropolitan areas and strongest logistics markets. The weighted average lease expiry of the portfolio is at a healthy level of 5.3 years with occupancy at a high 98 percent.
In addition, the joint venture will acquire three development opportunities with a total future completion value of A$500 million ($362 million). It will continue to pursue an acquisition and development strategy targeting core logistics propert
