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GPT ramps up logistics push with $800m Canadian deal
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Diversified landlord GPT has sealed an $800 million joint venture with an industrial-focused Canadian fund manger, significantly expanding its ambitions in a sector that has thrived in the face of COVID-19.
Industrial property, underpinned by the logistics and warehousing growth needed to drive rocketing ecommerce spending online, is one the fastest growing and sought after property asset classes.
Truganina, in Melbourne’s west, is one of the state’s fastest growing industrial suburbs.
GPT and Vancouver-based real estate investor QuadReal Property Group will kick off their $800 million 50:50 joint venture with a $175 million investment in two properties on Australia’s eastern seaboard.