Australian investment manager Gateway Capital has brought an industrial asset in Brisbane for A$72.5m (€40m) for its new logistics fund.

The acquisition of the fully-let 22,248sqm asset at Geebung from Queensland state investment company QIC has lifted the portfolio held by Gateway Capital Industrial and Logistics Partnership (GILP), a joint venture with an Asian sovereign wealth fund, to A$259m.

GILP has an A$800m target.

Stuart Dawes, chief executive of officer and co-founder of Gateway Capital, told IPE Real Asset: “We’ll continue to deploy capital into attractive assets. As such, we could deploy the capital by the end of next year, however, there is no requirement to do so.”

Dawes said the fund was focused on core and core-plus opportunities along the east coast of Australia and it was in exclusive due diligence on other assets, of which some were expected to be complete by the end of the year.

Peter McDonald, Gateway Capital CIO and co-founder, said: ”This asset is less than 2 years old and is exactly the type of asset that Gateway Capital will own.

“With an average tenancy size of approximately 2,400sqm, the estate offers a diversified tenant  mix and strong potential for rental uplift in the medium term – driven by sustained occupier demand in the region.”

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