ESR strengthens activities in Australia
ESR, a large APAC focused logistics real estate platform, has launched the ESR Australia logistics partnership (EALP), a new Australian-focused, core-plus logistics cooperation. EALP is seeded with AUD 715.6 million (USD 431.1 million) of prime logistics assets currently held on ESR's balance sheet.
EALP is seeking to raise AUD 1 billion (USD 602.4 million) of equity and will be anchored by a global institutional investor which is providing an initial commitment of AUD 450 million (USD 271.1 million). The seed portfolio is valued at AUD 715.6 million and includes 20 income-producing assets and 194,000 sqm of land.
This initial portfolio comprises assets attained as part of the Propertylink acquisition, recently completed developments and land acquired by ESR Australia over the past 18 months.
The assets are strategically located industrial and logistics assets with a majority weighting to the eastern seaboard, where 76% of Australia's population lives. (mw)