News

  • Photo: ESR

13.11.2019

Artikel Nummer: 29672

ESR establishes new logistics mandate in Australia


ESR, a large APAC focused logistics real estate platform, has established a new mandate with China Merchants Capital Investment. The new mandate – to be known as ESR Australia Logistics Trust (EALT) – will be funded with AUD 175 million (USD 120 million) of ESR’s balance sheet assets in Australia and has a target to grow its total assets to AUD 350 million (USD 240 million) over the next 12 months.

 

EALT was seeded by the sell-down of eleven of ESR’s wholly-owned assets located in Brisbane, Melbourne, Sydney and Perth with a value of AUD 175 million. This is in line with ESR’s capital recycling strategy to transfer logistics facility assets into funds and investment vehicles it manages in order to realise capital which can be used for future projects.

 

With a dedicated team of in-house asset and property professionals, ESR will continue to manage the properties within EALT. Phil Pearce, CEO of ESR Australia, said, “The establishment of this mandate is the first step in a strategy of releasing capital from our balance sheet to fund and accelerate our future developments." (mw)

www.esr.com

 

 

 

Related news