APAC asset management group ESR has sold its portion of a $3.2 billion Australian industrial fund held with the Abu Dhabi Investment Authority (ADIA) to Japanese company Hankyu Hanshin’s local subsidiary, Hankyu Hanshin Properties Australia (HHPAUS), and an unnamed Malaysian investor.
The deal is reportedly worth $526 million and involves industrial properties located in Sydney, Perth, Melbourne and Brisbane, and are from the Logos Australian Logistics Venture (LALV) which was established by Logos Property (now ESR) and ADIA over ten years ago.
Japanese investment in Australian commercial real estate surged past $2 billion earlier this year, and this acquisition comes just 17 months after HHPAUS first entered the Australian real estate market with its $820 million backing of AsheMorgan’s purchase of a Sydney office and the MetCentre.
“The fund will jointly carry out leasing and development opportunities … with ES Australia, amongst others,” HHAUS says.
“The property complex consists of 11 logistics properties (43 buildings) consisting of rental properties and newly developed properties.
“All of the properties are in locations ideal for logistics in various cities in Australia and have excellent specifications.
“HHPAUS will organise and manage the fund, thereby aiming to increase the value of the properties … and by providing investment management services for the fund.”
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