Singapore sovereign wealth fund GIC Pte Ltd and Hong Kong-based ESR Cayman have teamed up to acquire a portfolio of logistics properties from US private equity manager Blackstone Group for A$3.8 billion (US$2.93 billion). The acquisition is being made via an investment vehicle, EMP, that is 80% owned by GIC and 20% by ESR, the logistics investment firm says in a statement on April 18. According to ESR, this is “the most significant logistics portfolio transaction in Australia” encompassing 45 “high-quality, income-producing assets” across major state capitals. ESR says it will become the third largest logistics landlord in Australia with A$7.9 billion of total assets after the deal.