ESR Cayman, an integrated logistics real estate platform and GIC to acquire the Australian warehouse and logistics assets in Australia from Blackstone Group for $2.9bn. The Singaporean sovereign wealth fund will contribute 80% of equity, while ESR will account for the rest. The portfolio consists of 45 assets held by Blackstone’s Milestone Logistics. The logistics portfolio was assembled by Blackstone over dozens of individual transactions that began with a deal with Australian developer Goodman Group in 2016.