ESR Cayman sells 35% stake in Australian logistics investment to Singapore's GIC

SOVEREIGN wealth fund GIC has raised its interest in a logistics investment in Australia, said a bourse filing from ESR Cayman on Thursday.

ESR Cayman has sold a 35 per cent stake in ESR Australia Logistics Partnership to Empire Trust 2, which is wholly owned by GIC real estate investment unit GIC (Realty) Pte Ltd, it said.

The transaction would raise GIC's share in the ESR Australia Logistics Partnership to 80 per cent, with its commitment standing at A$480 million.

ESR Cayman holds the remaining interest, for a commitment of A$120 million.

Still, completion of the latest deal depends on the satisfaction of anti-trust approvals, ESR Cayman added in its announcement.

The ESR Australia Logistics Partnership was launched in March, with the goal of raising some A$1 billion in equity. The seed portfolio was valued at A$715.6 million, with 20 income-generating industrial and logistics assets.