GIC, Singapore’s sovereign wealth fund, has agreed to sell its 49 percent joint venture interest in Dexus Australian Logistics Trust (DALT Partnership) to Blackstone’s Core+ Real Estate strategy in Asia, which focuses on logistics, residential, office, life science office and retail assets in global gateway cities.

The sale of the 49 percent interest is the result of an unsolicited proposal by Blackstone, with the existing management arrangements for the DALT Partnership.

“We are pleased to have worked with GIC to grow this high-quality portfolio,” said Darren Steinberg, CEO of Dexus, in a statement. “This new relationship provides a stable long-term source of capital to invest alongside us. We welcome Blackstone onto our platform and look forward to continuing to drive the partnership’s strong performance.”

The DALT Partnership was established in November 2018 and seeded with 55 assets from the Dexus industrial portfolio (with GIC acquiring an ini