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Our Diversified Property Investments business committed AUS$100m of equity to a new investment vehicle, Gateway Capital Industrial Partnership, which focuses on adding value to industrial and logistics properties in Australia. Our joint venture has already acquired seven assets across Brisbane, Melbourne and Sydney.
The Australian economy has been resilient through the Covid-19 pandemic, and well-managed industrial buildings play an essential part; supporting employment and housing supply chains, as well as providing key goods and services to meet local and national needs.
We also agreed to become a minority funding partner in the newly formed Gateway Capital management company. We have worked closely with the founders on a number of previous Australian investment programmes and this opportunity reflects the benefit of developing long-term relationships with trusted local, specialist expertise.