GIC raises stake in Australian logistics trust to 49% for $339.49m
Proceeds will be initially used to reduce debt.
Sovereign wealth fund GIC will acquire an additional 24% interest in Dexus Australian Logistics Trust (DALT) for $339.49m (A$366.1m), the group announced. This expands GIC’s total investment in DALT to 49%.
Dexus will initially use the proceeds to reduce its debt and provide capacity for future funding commitments, including its development pipeline. Settlement is expected to occur on 1 April.
DALT is an open-ended unlisted trust, seeded with assets from Dexus’s existing industrial portfolio and a development landbank.