Stock Groups

Blackstone to buy GIC’s stake in Australian logistics trust for $1.5 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The ticker and buying and selling info for Blackstone Group is displayed on the put up the place it’s traded on the ground of the New York Inventory Alternate (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Picture

(Reuters) – Blackstone (NYSE:) Inc mentioned on Friday it could purchase Singapore wealth fund GIC’s 49% stake in an Australian logistics belief for A$2.1 billion ($1.50 billion), because the U.S. private-equity big seems to be to faucet into the nation’s fast-growing e-commerce market.

The deal for the stake in Dexus Australia Logistics Belief (DALT) would be the largest funding in Asia below its Core+ Actual Property technique, Blackstone mentioned.

Dexus will personal the remainder of the three way partnership.

About 90% of DALT’s portfolio is uncovered to Sydney and Melbourne and is weighted to conventional logistics services, a key pillar of progress for the e-commerce sector, Dexus mentioned in a separate assertion.

The deal may also assist Blackstone acquire a foothold in Australia’s on-line buying market as e-commerce penetration fee stays comparatively low regardless of excessive gross sales, the personal fairness agency mentioned.

Blackstone mentioned the DALT deal additionally provides it entry to densely populated areas and main transportation hubs, which aligns with the corporate’s technique of “overweighting excessive conviction sectors and places”.

Earlier this 12 months, Blackstone bought a portfolio of self-storage property in Melbourne and an workplace tower in Sydney’s central enterprise district.

($1 = 1.3978 Australian {dollars})

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