Blackstone has resumed preparations to make a multi-billion-dollar exit from the Australian logistics market, according to investment banking sources.
It is understood that the private equity giant has appointed two firms – JP Morgan and Morgan Stanley – to consider either selling or listing the assets in the A$3bn (€1.83bn) porfolio.
Given current strong demand from global and domestic investors for Australian assets, industry observers told IPE Real Assets the timing was opportune for Blackstone to make its exit now.
Blackstone declined to comment.
Investment banking sources have been privately briefing Australian media since September on Blackstone’s renewed interest in selling the portfolio. They confirm that Blackstone’s original plan was to sell its Australian logistics portfolio in March this year, but this had been impeded by the worsening COVID-19 situation.
As an indication of market strength in Australia, Blackstone in October sold two Australian industrial sites for more than A$204m to Singapore’s Mapletree and the GIC-backed ESR Australian Development Partnership.
Blackstone inherited several industrial properties in Australia in 2011 when it took over the diversified property portfolio of the former Valad Property group (since renamed 151 Property).
It has since expanded its logistics portfolio. Between 2016 and 2017, it bought more than 40 industrial properties in three tranches, at a cost of almost A$1.7bn, from Goodman. Last year, Blackstone added two more assets purchased from Charter Hall.