9 March 2015
Property investment and asset management company, Propertylink, has partnered with Moelis Australia Asset Management (MAAM) to acquire the Kingston Distribution Centre in Braeside, Victoria for $36.6 million.
The industrial property is located 25 kilometers south-east of Melbourne in the established Woodlands Industrial Estate with nearby access to the Nepean Highway, Dandenong Bypass and Eastlink.
The property has a net lettable area of 40,000 square metres and is 100 per cent leased to logistics, warehousing and distribution firm Simon National Carriers. The purchase reflects an acquisition yield of 7.9 per cent.
Stuart Dawes, Chief Operating Officer and Head of Investment Management of Propertylink said: “We are delighted to have partnered with MAAM for the acquisition of the Kingston Distribution Centre and look forward to delivering strong returns from this investment.”
Propertylink is a leading Australian real estate and infrastructure fund manager with more than $2 billion in asset under management. Kingston Distribution Centre is the first purchase for Propertylink in 2015 and follows more than $700 million of assets acquired in 2014.
Andrew Martin, Managing Director of MAAM said: “We are pleased to have found another high quality asset in Victoria which has all the characteristics favoured by our investors including a good location and long term lease to a well-known Australian logistics company. The property fund remains our most popular complying fund for Significant Investor Visa (SIV) investors.”
MAAM is an affiliate of Moelis & Company, a global investment bank, with a focus on specialist direct asset management capability in alternative asset classes including real estate and infrastructure. Kingston Distribution Centre is the seventh investment made by MAAM’s SIV Property Funds in Australian real estate.