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Blackstone Group has agreed to sell a slate of warehouse and logistics assets in Australia to the Hong Kong-based ESR Cayman Ltd. for $2.9 billion, a source familiar with the deal confirmed.
Why it matters: It's Australia's biggest real estate deal in five years, according to Bloomberg, which first reported the news.
Our thought bubble via Axios' Dan Primack: Blackstone has become one of the world’s biggest owners of warehouses, which have taken on increased importance with the continued rise of e-commerce.
- Blackstone used to be a private equity investor that also did property. It's now more a property investor that also does private equity.