SINGAPORE sovereign wealth fund GIC has increased its ownership in joint venture Dexus Australian Logistics Trust to 49 per cent, Dexus announced on Jan 6.
Announced in 2018, the unlisted trust was set up as a joint venture with Australian real estate investment trust Dexus, to invest in logistics properties in Australia. GIC was its foundation investor with an initial 25 per cent investment in the core portfolio. On Dec 23, the second tranche rights were exercised for GIC to acquire an additional 24 per cent stake in the trust's core portfolio.
The additional investment is priced at A$366.1 million , consistent with the estimated Dec 31, 2019 independent valuations across the core portfolio, said Dexus. Settlement is expected to occur on Apr 1. Proceeds from the sale will initially be used to reduce debt and provide capacity for future funding commitments, including Dexus' development pipeline.
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