Firm: Gilbert + Tobin.

Deal: G+T has advised ANZ Banking Group, MUFG Bank, Standard Chartered Bank and United Overseas Bank on their financing of ESR Milestone’s $3.4 billion acquisition of the Blackstone Milestone Logistics Portfolio.

Value: $3.4 billion.

Area: M&A, Real estate.

Key players: The G+T team was led by banking and infrastructure partner Stuart Cormack, who was supported by lawyers James Lee, Shauna Mainprize, Lee Lancaster and Catrina Chen. 

Deal significance: This transaction represents the “largest direct real estate acquisition in Australian history”, the firm said, and encompasses 45 high-quality, income-producing assets across Australia’s major capital cities. The Milestone Logistics Portfolio boasts a very high-quality customer base consisting of national, multinational, ASX-listed or government clients across a land area of 3.6 million square metres and gross lettable area of 1.4 million square metres – and provides significant scope for further development. 

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The portfolio will be owned under the newly formed ESR Milestone Partnership between ESR and GIC, Singapore’s sovereign wealth fund, with the portfolio to be managed by ESR Australia.  

G+T banking and infrastructure partner Mr Cormack commented: “It was a privilege to work with ESR Australia and its lenders in financing on this acquisition which represents a watershed transaction for Australian logistics assets. We are very pleased to have assisted them in structuring an innovative and transformational debt package which will be key to their business plan.”