QuadReal and GPT Expand Joint Venture to $2 Billion
The GPT Group (“GPT”) and QuadReal Property Group (“QuadReal”) today announced their 50:50 joint venture has expanded to $2 billion. The partners have an objective to acquire and develop a high-quality portfolio of Australian prime logistics assets. The additional commitment follows the successful launch of the initial $1 billion joint venture in February 2021. In just under twelve months the joint venture has invested in seven developments, four of which are already 75% pre-leased. Upon completion these projects will comprise a total of 3.4 million square feet of logistics space (315,000 square metres).
Peter Kim, QuadReal’s Managing Director for Asia, commented: “The initial alignment we expected with the GPT team has exceeded our expectations. First, we share a commitment to how we will do business together as both organizations consider the best for today and tomorrow in design, execution, and environmental stewardship. Additionally, we share a passion for acquiring or developing high quality industrial assets to address the increasingly discerning needs of the customers we serve.”
GPT Head of Logistics, Chris Davis, said: “The success of the joint venture to date is a testament to GPT and QuadReal’s aligned strategy and values. We share a commitment in delivering and investing in quality assets for our customers with a focus on environmental, social and governance (ESG) initiatives. GPT look forward to further progressing the partnership as we upsize the capital commitment to $2 billion.”
The partnership provides an opportunity for both GPT and QuadReal to accelerate the growth of logistics assets under management. GPT has been appointed to provide investment management, capital transaction, property management and development services to the joint venture, leveraging the Group’s strong track record in logistics development and asset management. QuadReal brings its own extensive experience in the industrial sector, owning and managing more than 100 million square feet (9 million square metres) of single-and-multi-tenant industrial buildings across the globe. The organizations share an aligned commitment to ESG initiatives, which will be incorporated into the joint venture’s activities.
All figures in this release are A$ unless indicated otherwise.
About The GPT Group
The GPT Group is one of Australia’s largest diversified property groups, listed on the ASX and a constituent of the S&P/ASX 50. GPT owns and manages a $26.9 billion portfolio of logistics, office and retail property assets across Australia. The Group’s logistics portfolio consists of 69 prime logistics assets, totalling in excess of 1.4 million square metres leased to more than 110 tenants. In 2021, the logistics portfolio grew to $4.4 billion with $1.3 billion of new facilities developed and acquired. The Group has a pipeline of development projects with an expected end value of approximately $1.6 billion. www.gpt.com.au.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
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