Abacus and GAW form A$200m Australian investment vehicle
Abacus Property Group has teamed up with GAW Capital Partners to form a A$200 million ($150.9 million) opportunistic investment vehicle, Abacus GAW Investment, focusing on industrial assets in eastern Australia.
GAW will provide 90 percent of the equity, and Abacus will provide 10 percent. Abacus also will contribute local property and asset management. It is envisaged that AGIT assets, once stabilized, will seed a core investment vehicle.
The joint venture acquired its first asset, located at 182–198 Maidstone St. in Altona, Victoria, near Melbourne, for A$30 million ($23 million). The 477,982-square-foot property is currently occupied by Fonterra Australia, which is expected to vacate in late 2017.
AGIT also recently exchanged contracts to acquire 2–34 Davidson St. in Chullora, New South Wales, near Sydney, for A$35 million ($26 million). The 194,977 square-foot asset is currently unoccupied.
In a separate partnershipwith South