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Report: ARA Asset in due diligence on Blackstone's A$200M Australian portfolio


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Report: ARA Asset in due diligence on Blackstone's A$200M Australian portfolio

Singaporean fund manager ARA Asset Management is believed to be conducting due diligence on a 10-asset industrial portfolio in Australia that Blackstone Group LP is selling for roughly A$200 million, The Australian Financial Review reported.

The deal, understood to be in its final stages, is being brokered by Colliers International, and the publication noted that the yield for the transaction is nearing 6.3%. Colliers was unavailable for a comment regarding the deal, according to the paper.

Included in the portfolio are logistics properties spread from the suburb of Kings Park in Sydney to the Melbourne suburb of Braeside. The properties have a weighted average lease expiry of more than five years and are anchored by tenants including wood products group Carter Holt Harvey and logistics company DHL, the paper added.

According to the Dec. 19 report, the deal represents the U.S.-based private equity giant's "buy, fix, sell" strategy.

Over the years, Blackstone Group managed to expand its industrial asset holdings in Australia through multiple transactions including its A$640 million purchase of Goodman Group's 15-asset industrial portfolio in July 2016, and its A$126 million acquisition in April of a four-property portfolio held by Charter Hall Group's Charter Hall Prime Industrial Fund and Core Logistics Partnership.