The deal is reported to be Australia’s largest ever logistics and general property portfolio transaction
Norton Rose Fulbright (NRF) has played a part in what is reported to be Australia’s largest ever logistics and general property portfolio transaction.
NRF has advised global logistics real estate platform ESR on its landmark $3.8bn acquisition of Blackstone’s Milestone Logistics Portfolio.
Consisting of 45 assets – including warehouses, distribution centres and business parks – over 3.6 million sqm across Adelaide, Brisbane, Melbourne, Perth, and Sydney, the Milestone Portfolio, once completion of the agreement occurs, will transform ESR into the third-largest manager of industrial real estate in the country with a $7.9bn Australia logistics portfolio.
An extensive NRF team advised on the acquisition and debt. The overall transaction was led by partners Michael French and Michael McKee, while partner Stephen Iu led the corporate and M&A workstream and partner Chris Patten led the debt workstream. The team also included partner Marshall Bromwich who assisted on W&I Insurance, and senior associates Danielle Sterling and Charlie Watson who helped manage the transaction.
“We congratulate ESR for prevailing in a deal that will transform its business in Australia,” said French. “We are proud to have assisted them navigate the extremely competitive process to consummate agreements for what is reported to be the biggest direct real estate deal ever done in Australia.”
Blackstone received advice from a Clayton Utz team led by corporate partner David Wilkie. The core team included partner Kylie de Oliveira and senior associate Ben Cosentino, who worked on the trade sale track; partners Brendan Groves, Rory Moriarty and senior associate Kate Allison, who worked on the IPO track; and partners Alex Schlosser and Kate O'Donovan, who handled the finance aspects of the deal. Partner David Gerber provided specialist insurance support.