22nd October, 2014
Property investment and asset management company, Propertylink, is pleased to announce the acquisition of the Valad logistics portfolio for a combined A$137.9 million on behalf of M&G Real Estate and Propertylink Australian Industrial Partnership (PAIP).
As part of the acquisition, Propertylink has structured the portfolio into two parts:
Propertylink’s Head of Investment Management, Stuart Dawes, said:
“The acquisitions will improve PAIP’s weighting to the Sydney market and will increase the number of assets to 26, valuing the portfolio at around A$435 million.
“We are delighted to have partnered with M&G Real Estate in securing quality assets in the Australian logistics sector. Propertylink will continue to seek further acquisitions for PAIP.”
M&G Real Estate, the real estate fund management arm of UK based M&G Investments, is acquiring 9-10 John Morphett Drive, Erskine Park, NSW and 65-75 Strezlecki Avenue, Sunshine, Victoria. The Erskine Park asset is a high quality, one year old, logistics facility located at the prime junction of the M5 and M7 motorways and is 100% leased to Bluestar Global Logistics until October 2025.
The Sunshine asset is 100% leased to Northline Pty Ltd until June 2022. Propertylink will provide ongoing management services to M&G Real Estate for both assets.
PAIP will acquire the remaining 4 assets: 2 industrial properties in Sydney and 2 industrial properties in Brisbane, for a combined A$52.7 million.
The Portfolio sale was managed for Valad by Tony Iuliano and Gavin Bishop of Colliers International.