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Blackstone (BX) acquires GIC stake in Aussie logistics assets

By Debabrata Das

04:09, 10 December 2021

Blackstone's signage outside its office in Manhattan, New York
Blackstone's signage outside its office in Manhattan, New York – Photo: Shutterstock

New York-based private equity fund Blackstone’s real estate arm has acquired Singapore-based GIC’s 49% stake in Dexus Australia Logistics Trust (DALT), which operates a portfolio of logistics assets in Australia.

The companies did not disclose the transaction value of the deal in their statements. However, Blackstone said in a statement that it is Blackstone Real Estate’s “largest investment in Asia” till date.

DALT operates 77 premium-grade logistics assets concentrated in Sydney and Melbourne, with high exposure to densely populated areas and major transportation hubs.

Increases exposure to logistics 

“The transaction significantly increases our Asia Core+ Real Estate exposure to the logistics space and is consistent with our strategy of overweighting high conviction sectors and locations,” Frank Cohen, head of Core+ Real Estate at Blackstone, said in a statement on Friday.

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Other key transactions for Blackstone in Australia this year include the sale of Milestone, an Australian logistics portfolio, in the largest-ever private real estate transaction in the country at the time; acquisition of Fort Knox Self-Storage, a portfolio of self-storage assets in Melbourne; and a majority stake in Grosvenor Place, an iconic office tower in Sydney’s central business district.

“We are pleased to have worked with GIC to grow this high-quality portfolio. This new relationship provides a stable long-term source of capital to invest alongside us. We welcome Blackstone onto our platform and look forward to continuing to drive the Partnership’s strong performance,” Darren Steinberg, Dexus CEO, said in a statement.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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