Blackstone makes $1.7b play for DALT stake

DALT picked up 380 Dohertys Road, Truganina, as part of a $269.4m spending spree last July. Image: Google Street View.

Blackstone is looking to take out a 49 per cent stake in the $3.5 billion Dexus managed Australian Logistics Trust (DALT).

The New York group would be buying the interest from Singapore sovereign wealth fund GIC, which seeded the vehicle in 2018 with $1.4b worth of Dexus investments and development sites.

Dexus holds the fund’s remaining 51pc share.

Last July, the partnership added six industrial assets, worth a total of $269.5m to the trust.

Not long earlier the entity outlaid $173.5m for two more warehouse properties, including Ford’s Mickleham distribution centre (artist’s impression, top).

Last year, Dexus and GIC outlaid $644m for a half share of Melbourne’s Rialto complex.

Four weeks ago we reported the Singapore investor was selling its stake in three Sydney shopping centres for over $530m (story continues below).

Blackstone reweights in industrial

The speculated play by Blackstone comes six months since it sold a portfolio of 45 industrial properties and the Milestone Operations Limited business for $3.8b.

That purchaser, Singapore-based ESR, now holds the assets in the ESR Milestone Portfolio vehicle, in which GIC holds an 80pc interest.

Also in the second quarter, the US giant divested its 90pc stake in the 20-asset so-called Fife portfolio for $850m to a PGIM and Manulife.

In recent months, Blackstone has offloaded shopping centres: Warrawong Plaza at Wollongong and Toowomba’s Clifford Gardens. It also sold a Canberra office for $73.75m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of