Home Australia Asian giants ESR, GLP enter $3.5b Milestone race

Asian giants ESR, GLP enter $3.5b Milestone race

Asian giants ESR, GLP enter $3.5b Milestone race

Avenue Talk

Early Newspaper

It’s Asian accurate estate funding giants versus ASX-listed property gamers within the race to desire Blackstone’s $3.5 billion Milestone Logistics Crew.

Blackstone called in bankers and property advisers gradual closing year to goal up its Milestone Logistics Crew for a sale or drift.  Shutterstock

Avenue Talk can demonstrate Singapore-headquartered accurate estate and non-public fairness player GLP – which has greater than $US100 billion sources below management – and Warburg Pincus-backed ESR rep entered the Milestone fray.

Sources said about 10 bidders had been shortlisted within the public sale, upfront of a speedy impending indicative uncover deadline on Wednesday this week.

It is understood Mirvac and Stockland had bowed out of the race, whereas Structure Hall, Dexus, GPT and Centuria Capital – educated by Highbury Partnership – were restful gunning no longer easy, and were anticipated to lob first round bids.

Up-for-sale is a wide gamble to desire a 45-asset, 1.4 million sq. metre logistics accurate estate portfolio, with properties dotted round Melbourne, Sydney, Brisbane, Adelaide and Perth.

The portfolio comes with a 6.8 year weighted moderate rent expiry and Milestone’s most attention-grabbing tenants consist of the world’s most attention-grabbing operator of frosty storage Lineage Logistics, Caterpillar vendor WesTrac and Japan Publish’s up-for-sale Toll.

Auctioneers JLL and Eastdil Secured had been procuring the portfolio round all year, and sent a flyer to capability consumers in January that labelled the sale a “first” in “Australian property historic past”.

Concurrent to the sale, funding banks Morgan Stanley and JPMorgan are exploring a capability ASX listing for Milestone.

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Sarah Thompson has co-edited Avenue Talk since 2009, specialising in non-public fairness, funding banking, M&A and fairness capital markets tales. Forward of that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Co-edits Avenue Talk, specialising in non-public fairness, funding banking, M&A and fairness capital markets. He has 10 years’ abilities as a alternate journalist and worked at PwC, auditing and advising financial services corporations. Join with Anthony on Twitter. Email Anthony at a.macdonald@afr.com

Tim Boyd is a journalist based in Sydney who writes for the Avenue Talk column. Join with Tim on Twitter. Email Tim at tim.boyd@afr.com

Asian giants ESR, GLP enter $3.5b Milestone race – The Australian Financial Overview