Australian-listed property group GPT has sold two logistics assets in Sydney and Melbourne to NashCap for A$256.2m (€166m).

GPT said proceeds from the Rosehill Business Park at Camelia in NSW and Citiport Business Park at Port Melbourne would initially be used to pay down debt.

Sydney-based real estate private equity group, NashCap last year teamed with Blackrock to invest in last-mile logistics real estate in Australia and has flagged plans to assemble a A$1bn portfolio.

The NashCap-founded venture, known as Urban Logistics Co, has been actively buying assets for two years, and earlier this year acquired the Kirby Industrial Park near Sydney Airport for A$120m.

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