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.

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