ESR sells stake in $3.2b industrial fund
ESR Australia has sold a stake in a $3.2 billion industrial fund held with the Abu Dhabi Investment Authority, with 11 assets containing 43 buildings.
The deal with Japan’s Hankyu Hanshin, through a local subsidiary, Hankyu Hanshin Properties Australia (HHPAUS) and an undisclosed Malaysian investor, speculated to be Kumpulan Wang Persaraan, is worth $536 million.
The interest in the Logos Australian Logistics Venture (LALV) is undisclosed but set to grow.
The deal comes 17 months since HHPAUS entered the Australian market backing AsheMorgan’s purchase of a Sydney office, 60 Margaret Street, and the MetCentre, from Mirvac, for $820m.
HHPAUS portfolio to grow
The industrial properties are in Sydney, Melbourne, Brisbane and Perth.
“The fund will jointly carry out leasing and development projects with…ESR Australia, amongst others,” HH said in a statement (story continues below).
Shipping giant Mitsui O.S.K. Lines and Kintetsu Real Estate are co-investors.
“On July 31…through HHPAUS, we established the LACP JI Trust in Australia,” it added
“HPPAUS…will…increase [its] investment in the LACP JI, acquiring stakes in the trust that holds the properties”.
Cushman & Wakefield’s Tony Iuliano and Adrian Rowse with Mitchell Schauer of Jarden represented ESR Australia.
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