An unnamed Asian sovereign wealth fund has committed to Gateway Capital鈥檚 Australian industrial real estate investment partnership.
The open-ended, value-add Gateway Capital Urban Logistics Partnership (GULP), backed by the Ontario Teachers鈥� Pension Plan, was launched in April last year.
Stuart Dawes, Gateway Capital CEO and co-founder, said: 鈥淭he broader capital base increases our dry powder, allowing us to continue to seek additional assets for the GULP portfolio, with a focus on inner urban core plus and value add opportunities on the east coast markets of Australia.鈥�
Dawes told 麻豆映画 Real Assets with the additional investor the vehicle would now exceed its original target of A$1bn (鈧�606m) in assets under management.
GULP is acquiring an infill Sydney logistics asset in Chullora in Sydney鈥檚 northwest from a Sydney asset manager, Fife Capital. The sale price was not disclosed but thought to be 鈥渘orth of A$110m鈥�.
Peter McDonald, Gateway Capital CIO and co-founder, said: 鈥淐hullora is the centre of the dartboard of the Sydney urban infill logistics market, being the geographical centre of Sydney.鈥�
Jun Ando, head of Asia-Pacific real estate at Ontario Teachers鈥�, said: 鈥淭he acquisition complements our existing portfolio, and we鈥檙e pleased to be expanding our partnership as we look ahead to identifying opportunities for future collaboration.鈥�
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