Ontario Teachers' Pension Plan Expands Investment In Australian Industrial Market
Ontario Teachers’ Pension Plan Expands Investment In Australian Industrial Market
Pension fund partners with Gateway Capital, Asian sovereign wealth fund on investment vehicle
The pension fund for Canada’s largest teacher union is teaming up with a pair of international investment partners to expand its presence in Australia’s industrial market.
The Gateway Capital Urban Logistics Partnership, known as GULP, has agreed to a deal to buy a Sydney logistics property at 2-34 Davidson St. in Chullora. GULP is an investment vehicle that includes the Ontario Teachers’ Pension Plan, an unnamed Asian sovereign wealth fund and Gateway Capital.
The partnership has exchanged contracts for the acquisition of a recently upgraded and expanded building that has more than 275,000 square feet of gross leasable area. It is leased to consumer products company Shriro Australia and food distributor Two Providores.
The move shows how global property investment plays a role in pension fund operations. Diversification not only can mean including commercial real estate investment, but geographical distribution as well to provide a mixture of markets.
No price was given for the building sale, but Toronto-based Ontario Teachers’ said the acquisition gave GULP a presence in the suburb of Chullora, “a prime Sydney urban industrial and logistics precinct.” C
hullora is 13 kilometres west of Sydney’s central business district and 12 kilometres northwest of Sydney Airport.
‘Growth potential’
“With strong sectoral tailwinds and market fundamentals, we see positive demand and continued growth potential in the Australian industrial and logistics sector,” said Jun Ando, head of Asia-Pacific real estate at Ontario Teachers’, in a statement.
Ando added that “the acquisition complements our existing portfolio, and we’re pleased to be expanding our partnership as we look ahead to identifying opportunities for future collaboration.”
GULP was established in April 2023 as a cornerstone investment by Ontario Teachers. This year, the equity base of GULP was expanded through the introduction of an Asian sovereign wealth fund, which provided additional capacity to seek investment opportunities.
“The acquisition of this asset complements the existing GULP portfolio, not only providing exposure to the key Sydney market but also adding strong core plus exposure in a premium asset with strong rental upside,” said Stuart Dawes, Gateway Capital chief executive and co-founder, in a statement.
Dawes also said, “The broader capital base increases our dry powder, allowing us to continue to seek additional assets for the GULP portfolio, with a focus on inner urban core plus and value-add opportunities on the east coast markets of Australia.”
Gateway Capital is an Australian-based investment management business focused on creating core assets in the industrial and logistics sectors through active management and development.
Source CoStar. Click here for the full story.
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