GPT Group and QuadReal Property Group have announced a new Australian logistics joint venture which will be known as GPT QuadReal Logistics Trust 2 (GQLT2).
The partnership will be seeded with approximately $460 million of high quality, stabilised logistics assets located in east coast urban infill and middle ring locations.
Once established, GQLT2 will target further growth deployment of $500 million, focusing on acquisitions of stabilised, core plus opportunities in major east coast markets.
GQLT2 will serve as the primary vehicle for QuadReal to scale its national logistics investments and will be operated and managed by GPT.
QuadReal’s total commitment for an 80 per cent stake in the partnership is approximately $400 million.
QuadReal Managing Director, Asia, Nat Miller, said the company is ready to grow its presence in the country.
“QuadReal is excited to expand its strategic investments in Australia with a trusted partner like GPT,” he said.
“The transaction has strong market fundamentals and reflects our high conviction investment strategy which seeks to build portfolios that are resilient across economic cycles.”
GPT Group CEO and Managing Director, Russell Proutt, further commented on the utility of the GQLT2 joint venture.
“The formation of GQLT2 aligns with our strategy to meaningfully invest and grow with our partners by designing and pursuing compelling investment programs,” he said.
“We are pleased to have been able to activate the partnership’s formation by providing a foundational portfolio of assets from our direct property holdings.
“GQLT2 builds upon the established relationships between our organisations that span the logistics and living sectors, and we look forward to delivering on its strategy.”
Implementation of the transaction is targeted for completion by July 2025 and is subject to approvals by the Foreign Investment Review Board.
In other news, Jeff Anderson, a well-known figure in the Australian steel industry, passed away on 16 May.
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