Corrs Chambers Westgarth has advised ESR on its A$102.5 million acquisition of one of Australia’s leading property development and construction businesses, Commercial and Industrial Property (CIP).
Backed by US private equity giant Warburg Pincus, ESR is one of the leading pure-play pan-Asian logistics real estate platforms, with current assets under management valued at over US$12 billion. The CIP acquisition establishes ESR’s presence in the Australian industrial and logistics property space and fast tracks ESR’s strategy to create a long-term, scalable development funds management platform in the Australian market.
Corrs advised ESR on all aspects of the transaction, including advising ESR on the establishment of its business in Australia and assisting them in obtaining the required FIRB approvals for the transaction.
CIP offers a substantial portfolio of contractually committed development projects across Australia’s eastern seaboard with a fully developed end value totaling A$1.25 billion over the next five years and gross floor area at completion of over 600,000 sqm.
“This is an exciting period of growth for ESR. We are delighted to have been able to support them on the strategic acquisition of CIP which provides ESR with an ideal platform from which to achieve its long-term goal to be a leading logistics real estate developer, owner and operator in Australia,” said Corrs partner Adam Foreman.
The Corrs team was led by partners Sandy Mak and Adam Foreman, supported by Senior Associates Ivan Rubinstein and William House and Lawyers Tatiana Stein, Yash Kumar and Corinne O’Sullivan. The team drew on the expertise and experience of a number of Corrs practice groups across Sydney, Melbourne and Brisbane offices, including: partners Andrew Leadston, Paul Carrick and Greg Hassall (Real Estate), Rommel Harding-Farrenberg (Banking and Finance), Stephen Price (Employment), Christine Covington (Environment and Planning), James North (IP, Technology & Competition) and Joseph Barbaro and Andrew Chew (Construction).
Corrs was first engaged by ESR in mid-2017 when it advised on ESR’s market raids on ASX-listed industrial and logistics investment managers Centuria Capital and Propertylink.