GIC Pte. Ltd. and ESR Cayman Limited (SEHK:1821) agreed to acquire Australian logistics property portfolio from The Blackstone Group Inc. (NYSE:BX) for AUD 3.8 billion on April 17, 2021. The Singaporean sovereign wealth fund will contribute 80% of equity, while ESR will account for 20%. The private equity firm had also considered an initial public offering for the portfolio. ANZ Banking Group, Mitsubishi UFJ Financial Group, Standard Chartered and United Overseas Bank are providing fully underwritten debt facilities for the acquisition. The transaction is subject to approval by the Foreign Investment Review Board (FIRB). As of June 17, 2021, all the conditions have been satisfied. Michael French, Michael McKee, Stephen Iu, Chris Patten and Marshall Bromwich of Norton Rose Fulbright Australia acted as a legal adviser to ESR Cayman. Stuart Crow of JLL Asia Pacific Capital Markets acted as a real estate adviser to The Blackstone Group. Morgan Stanley (NYSE:MS), JPMorgan Chase & Co. (NYSE:JPM) and Eastdil Secured, L.L.C. acted as financial advisers and Clayton Utz acted as legal adviser to The Blackstone Group.

GIC Pte. Ltd. and ESR Cayman Limited (SEHK:1821) completed the acquisition of Australian logistics property portfolio from The Blackstone Group Inc. (NYSE:BX) on April 17, 2021. Christy Lim of WongPartnership acted for ESR on the financing of the acquisition.