Singaporean acquisition Down Under
ESR has completed the acquisition of 10% of the total issued units in ESR Australia Logistics Partnership (EALP) by RBC Investor Services Trust Singapore for AUD 60.5 million (SGD 62.4 million / USD 46.6 million). This acquisition in Australia marks ESR’s first overseas expansion.
EALP, which has 37 logistics properties located in Australia, is a private fund managed by ESR Asset Management (Australia), an indirect subsidiary of ESR. Currently, ESR Queensland Hold Trust holds a 20% interest in EALP, with the remaining 80% interest in EALP held by a subsidiary of GIC, a global investment firm established in 1981 to manage Singapore’s foreign reserves.
In addition to this acquisition in Austrialia, ESR announced the proposed purchase of 46A Tanjong Penjuru, a logistics facility located in the west-central area of Singapore that is expected to be completed this year. (sh)