Growthpoint Properties Australia (Growthpoint) is partnering with TPG Angelo Gordon to create the Growthpoint Australia Logistics Partnership (GALP). GALP will acquire approximately 80% of six existing Growthpoint industrial assets at book value. The sale will generate net proceeds of $181 million for Growthpoint. This transaction will reduce Growthpoint's gearing by 2.0% to 38.7% (pro forma as of June 30, 2024). Growthpoint forecasts a special distribution of 2.1 cents per security (cps) to shareholders. Growthpoint will retain a 20% interest in GALP and will manage the assets. The partnership aims to expand in the Australian logistics sector. Transaction completion is expected around December 2024, subject to FIRB approval.