London-based Grosvenor Group has invested in an Australian value-add logistics vehicle launched by Gateway Capital.
Grosvenor has also bought a minority stake in Gateway Capital, founded by Stuart Dawes and Peter McDonald, formerly of Propertylink.
Andy Yates, investment director, indirect investments, Grosvenor Group, said the partnership reflected Grosvenor’s continued commitment to Australia, and specifically to its industrial and logistics sector.
The vehicle will invest in value-added assets in infill locations in Australian gateway cities.
Dawes told IPE Real Assets he and McDonald had known Grosvenor for a long time.
“Grosvenor and Goldman Sachs invested in the first industrial and logistics fund we launched at Propertylink,” he said. “That fund grew to A$700m”.
The Gateway industrial/logistics Partnership (GIP) has an initial target of A$200m, but Dawes said the size of the fund would be determined by the availability of suitable real estate.
“We have already acquired an asset in Melbourne and there is a pipeline of others which we are looking at. We expect to execute quickly over coming months.”
While the Gateway Capital strategy will commence with an industrial and logistics focus, the company will explore other asset classes over the medium term.
Dawes said that, as the vehicle grew, Gateway Capital intended to introduce other investors to GIP over time to support the continued acquisition of assets that present value-add opportunities.
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