Goldman Sachs buys Australia logistics properties to beef up real estate portfolio

(Reuters) – Goldman Sachs Group (NYSE:)’s alternative investments platform said on Tuesday it bought seven logistics-focused properties across Australia to scale up its real estate portfolio.

These “last-mile” properties are located along urban highways in Adelaide, Brisbane, Perth and Melbourne and are leased to e-commerce, transport and wholesale distributors, Goldman Sachs Alternatives said.

Last-mile logistics assets are usually properties such as warehouses located exclusively in urban locations that enable final processing of deliveries before they reach the end-user.

Financial details of the deal were not disclosed.

Goldman Sachs Alternatives has invested more than A$13 billion ($8.62 billion) in Australia since 2012 and has allocated A$6.2 billion on industrial assets, office and commercial properties and data centres since 2017.

“This investment highlights our continued commitment to Australian real estate and reflects our conviction in sourcing Australian last-mile logistics properties for our investors,” said Nikhil Reddy, head of Asia Pacific real estate at Goldman Sachs Alternatives. ($1 = 1.5081 Australian dollars)