By Stuart Condie

SYDNEY--Australian real-estate group Dexus said Blackstone Inc. has agreed to acquire Singapore sovereign wealth fund GIC's 49% stake in a joint-venture Australian logistics trust.

Dexus said its joint-venture partner GIC had entered into a binding agreement to sell its stake following an unsolicited proposal by Blackstone.

Dexus, which owns 51% of the trust, did not give financial details. The Dexus Australian Logistics Trust's assets include properties in Sydney and Melbourne.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

December 09, 2021 23:28 ET (04:28 GMT)

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