Sydney, May 16, 2025 — Australian real estate group GPT Group has announced the creation of a A$1 billion (US$640 million) logistics partnership with Canada’s QuadReal Property Group, aimed at expanding their presence in Australia’s high-growth logistics sector.
The new joint venture, named GPT QuadReal Logistics Trust 2 (GQLT2), will be seeded with approximately A$460 million worth of high-quality, stabilised logistics assets. These properties are located in key urban infill and middle-ring markets along Australia’s east coast.
In addition to the seed portfolio, the partnership intends to deploy a further A$500 million toward the acquisition of “stabilised, core-plus” logistics assets in major east coast cities. GQLT2 will be the primary investment vehicle for QuadReal to scale its logistics footprint in Australia and will be operated and managed by GPT.
As part of the deal, GPT will sell a selection of unspecified assets to seed the partnership at book value, retaining a 20% interest in the joint venture. Net proceeds of around A$410 million from these sales will initially be used to reduce the group’s gearing before being redeployed.
The transaction is not expected to materially impact GPT’s 2025 earnings and is scheduled for completion by July 2025, pending approval from Australia’s Foreign Investment Review Board (FIRB).
Strategic Growth with Global Partners
GPT CEO and Managing Director Russell Proutt said the formation of GQLT2 reflects the company’s ongoing strategy to grow alongside trusted investment partners.
“We are pleased to have been able to activate the partnership’s formation by providing a foundational portfolio of assets from our direct property holdings,” Proutt said in a statement to the ASX.
“GQLT2 builds upon the established relationship between our organisations that spans the logistics and living sectors, and we look forward to delivering on its strategy.”
Nat Miller, QuadReal’s Managing Director for Asia, emphasized the long-term strategic fit of the investment.
“The transaction has strong market fundamentals and reflects our high-conviction investment strategy, which seeks to build portfolios that are resilient across economic cycles,” Miller said.
About the Companies
GPT Group (ASX: GPT), established in 1971 as General Property Trust, is one of Australia’s largest diversified property groups, with holdings across shopping centres, office buildings, and industrial assets such as warehouses and distribution centres.
Shares in GPT closed nine cents higher at A$4.64 on Thursday, valuing the company at approximately A$8.94 billion.
QuadReal Property Group, based in Canada, is a global real estate investment, development, and management firm with a long-term investment outlook and a presence in more than 20 countries.
