Abacus, Gaw partner on Australia real estate fund

The vehicle, Abacus Gaw Investment Trust (AGIT), will acquire industrial assets in major cities on the east coast of Australia. It has already bought two assets in Sydney and Melbourne for A$30 million ($22.7 million) and A$35 million, according to a release. Abacus will also contribute local property and asset management, along with providing 10% of the equity; the remaining equity will be provided by Gaw.

AGIT has a target of about A$200 million in gross assets, which the firms plan to use to seed a core investment vehicle once they are stabilized.

"Abacus has an extremely strong track record in cooperating with institutional partners and investing successfully in the Australian market," said Kenny Gaw, president and managing principal at Gaw. "We feel that Abacus will be an ideal partner for us to start our investment in this market."

As of the first quarter of 2016, Gaw had $12.7 billion in assets under management. The firm targets real estate markets in Greater China and other high barrier-to-entry markets globally; its fifth Asia fund, Gaw Capital Real Estate Fund V, reached a first close of $700 million earlier this year. Previous investments include the acquisition of Beijing residential and commercial complex Pacific Century Place in 2014 for $928 million. Gaw also manages a separate fund for investments in North America, managed by its US office launched in 2013.

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• Topics
• Australasia
• Greater China
• Real estate
• GPs
• Australia
• Hong Kong (China)
• Gaw Capital Partners