Singapore engages in Australian logistics
GIC, Singapore’s sovereign wealth fund, increased its stake in ESR Australia Logistics Partnership (EALP) to 80%. ESR Australia will continue to hold a 20% interest in the partnership. The selldown of EALP's remaining 35% is in line with the strategy outlined at the time EALP was established.
Completing the capital raising for EALP and the recent closing of ESR Australia Development Partnership (EADP) sees ESR with lots of cash for expansion into the Australian logistics market.
EALP currently has gross assets of circa AUD 750 million, which ESR Australia expects to exceed AUD 1 billion by the end of the year.
As of 30 June 2020, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR amounted to approximately USD 26.5 billion. (sh)