News release

JLL advises on Australia’s largest ever logistics transaction

April 19, 2021

SINGAPORE, AUSTRALIA, 19 April 2021 – JLL today announced that it acted as advisor on Australia’s largest ever logistics real estate transaction, the acquisition by ESR Australia of Blackstone’s Milestone Portfolio, for AUD$3.8 billion.

ESR Australia have reported that it has partnered with Singapore-based GIC as its capital partner for the acquisition under a newly formed investment vehicle, ESR Milestone Partnership (“EMP”), in a deal which will see ESR contribute 20% of the equity. ANZ Banking Group, Mitsubishi UFJ Financial Group, Standard Chartered and United Overseas Bank are providing fully underwritten debt facilities for the acquisition of the real estate assets.

The platform sale, which JLL advised in partnership with Eastdil Secured, comprises 45 assets held by Blackstone’s Milestone logistics portfolio, which includes properties in Sydney, Melbourne, Brisbane, Adelaide and Perth. JLL acted as an advisor for Blackstone. Key leads from JLL were Tony Iuliano, Stuart Crow and Adrian Rowse. 

“The Australian logistics market is very attractive to global investors, with the sector viewed as one of the most dynamic and resilient asset classes globally. Increasingly, we are seeing opportunities for investors to expand their exposure in logistics through platform deals. We congratulate ESR, GIC and Blackstone on this landmark deal and JLL is proud to have advised on this transaction,” says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL. 

“54 groups in the data room - a combination of sovereign wealth funds, pension funds, REITs and life insurance groups totalling $45B of capital that participated. This transaction is a transformational event and one which will most likely never be seen again in logistics. It’s history in the making and a transformational transaction for Australian real estate. The opportunity to access over 90 tenants and a management platform with significant IP is enormous for any group,” says Tony Iuliano, Head of Capital Markets, Industrial & Logistics, Australia, JLL.

“The volume of capital lined up for this transaction is previously unseen in Australian real estate. This one transaction is almost as much as the recent annual average for Industrial & Logistics investment at AUD$4.5bn and is a truly remarkable transaction on many levels,” says Fergal G Harris, Head of Capital Markets, Australia, JLL.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit