This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEH3I03D_L.jpg
The deal is the largest logistics and general property portfolio transaction in Australia to date, ESR said late on Sunday, making it the third-biggest logistics landlord in the country with asset under management increasing to A$7.9 billion.
Hong Kong-based ESR said it will contribute 20% of the equity in the investment vehicle with GIC contributing the remainder. The deal is expected to provide an initial yield of 4.5% with a 6.9-year weighted average lease expiry, ESR said in a statement.
The portfolio encompasses 45 income-producing assets across major cities including Adelaide, Brisbane, Melbourne, Perth and Sydney, covering a total land area of 3.6 million square meters (38.8 million square feet).
ESR shares rose 1% in early trading in Hong Kong, versus a flat broader market.
($1 = 1.2975 Australian dollars)
