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ESR Australia secures $3.4bn portfolio
ESR Australia has been advised on an acquisition of a portfolio worth $3.4 billion, in the largest direct real estate acquisition in Australian market history.
Lauren Croft
Firm: Gilbert + Tobin.
Value: $3.4 billion.
Area: M&A, Real estate.
Key players: The G+T team was led by banking and infrastructure partner Stuart Cormack, who was supported by lawyers James Lee, Shauna Mainprize, Lee Lancaster and Catrina Chen.
Deal significance: This transaction represents the “largest direct real estate acquisition in Australian history”, the firm said, and encompasses 45 high-quality, income-producing assets across Australia’s major capital cities. The Milestone Logistics Portfolio boasts a very high-quality customer base consisting of national, multinational, ASX-listed or government clients across a land area of 3.6 million square metres and gross lettable area of 1.4 million square metres – and provides significant scope for further development.
The portfolio will be owned under the newly formed ESR Milestone Partnership between ESR and GIC, Singapore’s sovereign wealth fund, with the portfolio to be managed by ESR Australia.
G+T banking and infrastructure partner Mr Cormack commented: “It was a privilege to work with ESR Australia and its lenders in financing on this acquisition which represents a watershed transaction for Australian logistics assets. We are very pleased to have assisted them in structuring an innovative and transformational debt package which will be key to their business plan.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
