Blackstone Inc. is acquiring a stake in an Australian logistics trust from Singapore sovereign wealth fund GIC Pte. for A$2.1 billion ($2.05 billion), in a bet on rising e-commerce demand in the country.
The US buyout firm is adding 77 premium-grade logistics assets located in Sydney and Melbourne into its portfolio with the acquisition of a 49% stake in Dexus Australian Logistics Trust, Alan Miyasaki, Blackstone’s head of Asia real estate acquisitions, said in an interview.
The deal adds to the private equity firm’s bets on warehousing globally after last month acquiring a portfolio of properties in Europe and the US from Cabot Properties Inc. for US$2.8 billion ($3.82 billion). Rising demand for such assets due to growth in e-commerce, coupled with lockdowns and subsequent virus curbs in various countries, has slowed the ability to deliver new supply quickly, Miyasaki said.