Blackstone has committed to buying a second industrial portfolio from Goodman, valued at around AUD650m (€450.6m).

The deal takes Blackstone’s combined investment in Australia’s logistics market to just under AUD1.3bn.

An industry source told IPE Real Estate that Blackstone and the vendor, Goodman Group, exchanged contracts last Thursday.

The source said the latest purchase would deliver another 21 logistics facilities around Australia to Blackstone’s existing holding of 15 assets, acquired from Goodman in July.

Once complete, the deal will make Blackstone one of the largest players in Australian logistics.

Singapore’s GIC set an Australian record last year when it sold a portfolio of logistics assets to Ascendas for AUD1.1bn.

According to industry sources, Blackstone began negotiating with Goodman to buy a second tranche of its logistics assets within weeks of signing off on the first portfolio.

Goodman is due to give its quarterly guidance to the market on Monday.

A source said that, including this latest purchase, Blackstone’s entire property portfolio in Australia now totals around AUD6.6bn.

Aside from logistics, Blackstone has been building up retail assets.

In May, it bought three shopping centres in Queensland and Victoria from the listed Vicinity Centres for AUD613.3m.

This came after the purchase of the Rundle Mall retail centre in Adelaide in a AUD400m deal that included an office complex.

As it continues to scale up its platform in Australia, the New York-listed group has also been selling assets.

Last month, it appointed two global agencies to handle the sale of an office portfolio in capital cities worth AUD700m.

It is understood that the portfolio is made up of 10 buildings drawn from assets held in the former Valad Property Group – which Blackstone took over in 2011 for AUD860m – as well as other properties acquired in a number of transactions.

In May, Blackstone sold a number of bulk goods centres to the Australian company, Aventus, for AUD219m.

Blackstone is also reported to be fielding inquiries from potential buyers, including GIC, for its retirement village business, National Lifestyle Villages, in Western Australia.

Blackstone injected AUD150m into the NLV business in 2014.

Topics