Growthpoint Forms Strategic Logistics Partnership

Growthpoint Properties Australia (AU:GOZ) has released an update.

Growthpoint Properties Australia has partnered with TPG Angelo Gordon to establish the Growthpoint Australia Logistics Partnership (GALP), selling an 80% stake in six of its industrial assets for $181 million, which will lower its gearing by 2% to 38.7%. The deal also includes a special distribution of 2.1 cents per security to shareholders, and the proceeds will initially be used to reduce debt. The partnership aims to expand in the Australian logistics sector, with no change to the FY25 funds from operations forecast and settlement expected by December 2024, pending regulatory approval.

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