Australia-based Gateway Capital has launched a build-to-core logistics platform with the real estate arm of investor Invesco.
Gateway has already secured an asset in Sydney’s west for A$100m (€62.5m) for the partnership which aims to assemble a A$1bn portfolio in the near term
Stuart Dawes, Gateway Capital’s CEO and managing director told IPE Real Assets the asset would generate income over the next three years, but it was planned to redevelop the site into a multi-level logistics estate with an end value of around A$300m.
The partners would fund the portfolio build-up with available capital without needing to bring in more partners.
“Once developed, our plan is to hold that asset for the long term,” Dawes said. “We are advanced in due diligence on some smaller assets which we expect to transact in coming weeks.”
Ian Schilling, Invesco Real Estate’s managing director and co-CIO, told IPE Real Assets that Invesco liked the investment thematic of industrial and logistics investments in urban infill locations on the east coast of Australia.
Schilling said Invesco had held logistics assets in Australia in the past but sold out of its major Kmart Distribution Centre investment in 2018.
More broadly in Asia-Pacific, Invesco has been very active acquiring and developing logistics investments in Japan, South Korea and China.
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