Australand Property Group and sovereign wealth fund Government of Singapore Investment Corporation (GIC) have formed a logistics joint venture, investing in industrial assets, The Wall Street Journal reports. The Australand Logistics joint venture will have a target investment size of $480.5 million.
GIC will hold a 80.1% stake in the venture, while Australand will hold the remaining 19.9% stake. The initial portfolio consists of six completed assets and two properties under development in Australia. The venture has an initial term of five years, with an investment period involving the first two years.
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