Growthpoint Properties Australia has teamed up with TPG Angelo Gordon to establish a logistics investment partnership.
Growthpoint Properties will sell six existing industrial properties at book value for A$181m (鈧�112m) to kick-start the Growthpoint Australia Logistics Partnership (GALP) industrial partnership.
NASDAQ-listed credit and real estate investing platform TPG Angelo Gordon will have an 80% stake in GALP, with the Australia-listed group holding a 20% interest. Growthpoint Properties will be the investment and property manager of the new vehicle.
Ross Lees, CEO and MD of Growthpoint Properties, said: 鈥淭his partnership supports Growthpoint鈥檚 strategy to grow its funds management business and capital partnerships and is a testament to the strength of our industrial portfolio.鈥�
Lees said this would be the trust鈥檚 first such alliance and that he was pleased to form this capital partnership alongside an 鈥渁ligned global institutional partner with extensive investment experience鈥�.
Proceeds from the sale of the seed portfolio will initially be used to repay debt, reducing gearing by around 2% and security holders will receive a one-off special distribution of 2.1 cents per security.
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