QuadReal Property Group and GPT Group have formed a new A$1 billion ($640 million) Australian logistics joint venture to be known as GPT QuadReal Logistics Trust 2 (GQLT2).
The partnership will be seeded with approximately A$460 million ($295 million) of high-quality, stabilized logistics assets located in east coast urban infill and middle-ring locations. Once established, the partnership will target further growth deployment of A$500 million ($321 million), focusing on acquisitions of stabilized, core plus opportunities in major east coast markets. GQLT2 will serve as the primary vehicle for QuadReal to scale its Australian logistics investments and will be operated and managed by GPT.
GPT will sell down several balance sheet assets to seed the partnership at book value (based on independent valuations as at Dec. 31, 2024) and will retain a 20 percent co-investment interest. After transaction, net proceeds of approximately A$410 million ($263 million) will be used
