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Financial Statements and Related Announcement::Half Yearly Results
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ESR raises A$680 million for logistics vehicles | Asia Asset Management
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ESR-REIT has become a co-investor with GIC in EALP, which owns 37 prime logistics properties in Australia.
The stake was purchased from ESR Queensland Hold Trust, which had a 20% interest in EALP before the transaction. GIC owns 80% of the platform.
Adrian Chui, CEO and executive director of the manager of ESR-REIT, said the investment in EALP would complement the vehicle’s investment strategy and gave it diversification outside Singapore.
He told IPE Real Assets that the REIT would focus on (overseas) markets where ESR had a well-established presence and a network of capabilities.
“Currently, industrial properties in Singapore are on a leasehold basis and the leases are quite short (at around 30 years),” he said.
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