GIC has lifted its interest in the ESR Australian Logistics Partnership from 45% to 80%, bringing its total commitment to the vehicle to A$480m (鈧�291m).
Phil Pearce, CEO of ESR Australia, told 91传媒在线 that GIC had acquired its further 35% stake in the partnership from ESR Australia, which had reduced its holding to 20%.
The original 45-55 partnership was set up in March this year, seeded with a A$700m-plus portfolio of assets.
91传媒在线 understands that, with gearing, the additional capital commitment will enable the partnership to grow its portfolio to A$1.3bn over the next year.
鈥淭he portfolio had grown to around A$750m,鈥� said Pearce. 鈥淲e will continue to grow that partnership to probably exceed A$1bn in assets by the end of the year with opportunities we are working on at the moment.鈥�
He said the open-ended vehicle with a seven-year liquidity review was focussed on core to core-plus assets.
In June, GIC committed A$400m to launch its second partnership with ESR Australia. The ESR Australian Development Partnership has a target fund size of A$1bn.
The build-to-hold development fund has kicked off with the construction of a A$450m logistics hub in Cranbourne, in Melbourne鈥檚 west.
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