ESR Australia Logistics Partnership (EALP) has acquired an 11-asset portfolio for A$302.5m (€186.2m) from a fund whose key investors are the Townsend group and Japan’s Norichukin Bank.
The portfolio was previously held in Propertylink Australian Industrial Partnership II (PAIP II), now under the management of GIC-backed ESR Australia.
The then-manager, Propertylink, which was taken over by ESR Australia in 2018, had a co-investment of 17.1% in the vehicle.
ESR Australia will roll over its stake in PAIP into EALP as part of its 20% stake in that platform.
Phil Pearce, CEO of ESR Australia, said the transaction represented “a great outcome” for investors in both investment vehicles.
The Townsend Group and Norichukin Bank have invested in PAIP II since it was created in 2015 to focus on Australia’s east coast.
“The PAIP II investors achieve an exit in line with the fund’s original strategy, while EALP is able to add a quality portfolio of assets with a strong weighting to the preferred markets of Sydney, Melbourne and Brisbane to its existing portfolio,” said Pearce.
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