Straits Real Estate launches A$130.5m logistics property JV

Commercial & General has partnered with Straits Real Estate, a wholly owned subsidiary of SGX-listed The Straits Trading Co., to launch an unlisted logistics real estate platform.

The seed assets of the platform, collectively worth approximately A$130.5 million ($94.23 million), are to be managed by a newly created investment manager, ILP Managers Pty Ltd, a 50-50 joint venture between Commercial & General and Straits Real Estate.

The seed assets comprise several of Commercial & General’s existing assets, including South Australian sites tenanted by Incitec Pivot, Coca-Cola and Transfield, and a Victorian site tenanted by Siemens.

The partnership with Commercial & General is Straits Real Estate’s first step into Australian logistics, expanding on the company’s footprint in the country.