Overview Key strengths Key risks Good quality and diversified portfolio of industrial and business park assets in Australia. Potential for increased exposure to speculative property development, as well as timing mismatches in sizable and lumpy capital inflows. Solid lease-maturity profile, high tenant occupancy, and good tenant diversity. Asset recycling may disrupt stable rental income. Proven track record of executing its operating strategy and maintaining a moderate financial stance. Modest geographic diversity focused on Australia. We expect the fund to incur sizable development and maintenance capital expenditure (capex) of about A$590 million, and spend about A$400 million on acquisitions during fiscal 2024. GAIP is planning to execute various initiatives to improve capital management, including equity and asset sales. We expect these
