GIC acquires additional 24% stake in Australian logistics trust for $252m

GIC acquires additional 24% stake in Australian logistics trust for $252m

4 Inglis Road, Ingleburn, one of Dexus's industrial portfolio.

Singapore’s sovereign wealth fund GIC has acquired an additional 24 per cent stake in Dexus Australian Logistics Trust (DALT), an unlisted trust that invests in logistics properties in Australia, for A$366.1 million (about $252 million), according to a disclosure made by real estate developer Dexus.

The additional acquisition in DALT’s core portfolio raises GIC’s stake in the trust to 49 per cent, trimming Dexus’s stake to 51. The Singapore investor first took a 25-per cent investment in the core portfolio in November 2018 following the establishment of the A$2-billion ($1.45 billion) unlisted trust with Dexus.

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