The Abacus Property Group
(ASX:ABP) has established a new investment vehicle to acquire opportunistic industrial assets in major Australian cities along the east coast.
Abacus has teamed up with GAW Capital Partners (GAW) for this vehicle, called the
‘Abacus GAW Investment Trust’.
The first asset which the Trust acquired was an industrial property located in Altona, Victoria, which it bought for $30 million.
The Trust has also exchanged contracts to buy an industrial asset at Davidson Street, Chullora, in NSW, for $35 million.
Abacus will target gross assets of around $200 million. In regards to equity, GAW will provide 90%, while Abacus will contribute 10%.
Abacus reported a net profit of $190 million at 30 June 2016.
