Texan alternatives giant backs industrial
Growthpoint will deliver a special distribution while reducing it gearing following the sale of an 80 per cent stake in six east coast industrial investments.
NASDAQ listed Texas based alternatives manager TPG Angelo Gordon is the buyer.
If approved by the Foreign Investment Review Board, the joint venture will be dubbed the Growthpoint Australia Logistics Partnership.
Settlement would take place December.
Also this week, Growthpoint sold its 15.1pc interest in the Dexus Industria REIT – unlocking c$131.7 million.
Following that and the the GALP partnership, Growthpoint’s gearing falls to 36.9pc.
GALP to grow
Three of the seed GALP assets are in Victoria – all in Melbourne’s east, this includes the neighbouring 19 and 20 Southern Court, Keysborough and 6 Kingston Park Ct, Knoxfield (story continues below).
In Sydney, the stake is for 81 Derby Street, Silverwater (pictured, top), near Parramatta, and Erskine Park – another c20km west.
The final investment is 13 Business Street, in Brisbane’s Yatala.
If approved, GALP unitholders are set for a 2.1 cent distribution.
The partnership with TPG, a real estate investing and diversified credit business, will add more logistics investments.
“We are pleased to form this capital partnership alongside an aligned global institutional player with extensively investment experience,” Growthpoint chief executive officer and managing director, Ross Lees, said.
Subscribe to our newsletter at the bottom of this page.
