GPT Group (ASX:GPT) and Canada-based real estate company, QuadReal Property Group, formed a AU$960 million logistics joint venture, GPT QuadReal Logistics Trust 2, according to a Thursday filing with the Australian bourse.
The Australian real estate investment trust will retain a 20% co-investment interest and serve as the operating and managing partner, the filing said.
QuadReal will hold an 80% stake, committing AU$400 million, the filing added.
The deal is expected to generate around AU$410 million in net proceeds but is not expected to materially impact GPT Group's 2025 earnings.
The transaction is expected to be completed by July, subject to Foreign Investment Review Board approval.
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