GIC and ESR Cayman have formed an 80-20 joint venture to acquire a portfolio of industrial and logistics real estate assets in Australia for A$3.8 billion ($3.92 billion), in what has been described as the largest logistics property transaction ever Down Under.
Jeffrey Shen and Stuart Gibson, ESR co-founders and group Co-CEOs say in a statement that ESR is "extremely pleased" to deepen its partnership with GIC with this "momentous transaction".
"This tremendous expansion not only adds immediate scale to our presence in Australia and the region, but also extends our footprint and reaffirms our commitment to one of our highest conviction markets in Asia Pacific," state Shen and Gibson.
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