Pan-Asian logistics group LOGOS and Singapore-based ARA Asset Management have established a logistics real estate development and investment management partnership in the Asia-Pacific region.
As part of the transaction, the ARA Group will transfer its entire 10% holdings in Cache Logistics Trust to LOGOS.
Singapore-listed Cache owns 27 properties valued at around S$1.3b (€860m). 17 of these located in Australia and the remaining 10 in Singapore.
Under the partnership proposal, ARA will also transfer its stakes in its management company ARA Cache Management to LOGOS.
ARA said upon conclusion of the transaction, which is expected to be completed by the first quarter of next year, ARA will retain control of the manager through LOGOS.
The parties declined to disclose financial and other details of the deal.