An unnamed Asian sovereign wealth fund has committed to Gateway Capital’s Australian industrial real estate investment partnership.

The open-ended, value-add Gateway Capital Urban Logistics Partnership (GULP), backed by the Ontario Teachers’ Pension Plan, was launched in April last year.

Stuart Dawes, Gateway Capital CEO and co-founder, said: “The 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.”

Dawes told IPE Real Assets with the additional investor the vehicle would now exceed its original target of A$1bn (€606m) in assets under management.

GULP is acquiring an infill Sydney logistics asset in Chullora in Sydney’s northwest from a Sydney asset manager, Fife Capital. The sale price was not disclosed but thought to be “north of A$110m”.

Peter McDonald, Gateway Capital CIO and co-founder, said: “Chullora is the centre of the dartboard of the Sydney urban infill logistics market, being the geographical centre of Sydney.”

Jun Ando, head of Asia-Pacific real estate at Ontario Teachers’, said: “The acquisition complements our existing portfolio, and we’re pleased to be expanding our partnership as we look ahead to identifying opportunities for future collaboration.”

To read the latest IPE Real Assets magazine click here.

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