Canada’s QuadReal Property Group and Australia’s GPT Group have doubled the size of their logistics joint venture to A$2bn (€1.4bn).

The 50-50 Australian logistics investment partnership was launched in February 2021 with an initial A$1bn.

Peter Kim, QuadReal’s managing director for Asia, told IPE Real Assets the initial alignment QuadReal expected with the GPT team had exceeded its expectations.

In just under 12 months, the joint venture had invested in seven developments, four of which were already 75% pre-leased. Upon completion, these projects would comprise a total of 3.4m sqft of logistics space, he said.

“We are excited about the opportunities ahead,” Kim said, adding: “Industrial is one of QuadReal’s global convictions, and Australia is an important component of that thesis.”

Apart from the GPT joint venture, QuadReal in partnership with Charter Hall Group is currently developing a commercial office complex in Brisbane. The partnership also acquired an office building in Sydney for A$630m in 2019.

“Australia remains a key focus of QuadReal’s Asia-Pacific strategy, and we continue to monitor its markets for emerging trends and developments,” said Kim.

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