OPERATIONS REVIEW FUND MANAGEMENT SEGMENT CASE STUDY MILESTONE PORTFOLIO In June 2021, ESR completed the acquisition of the Milestone Portfolio and its operating business from Blackstone, marking Australia’s largest-ever logistics portfolio transaction. The A$3.8 billion acquisition includes 45 high-quality incomeproducing assets and the associated operating business, propelling ESR to become a top three logistics and industrial owner in Australia, despite having just entered the Australian market in 2018. Since taking over the portfolio, we have leveraged our deep customer relationships as well as our rigorous asset management to grow the occupancy from 94.2% at acquisition to 99.5% as at 31 December 2021. Portfolio value has also increased 5.5% in the six months since acquisition with strong growth in underlying values of the portfolio. R E A C H I N G N E W H E I G H T S 88 PRO FORMA ESR GROUP
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