12th February, 2014
Propertylink said today it has acquired two industrial properties from DEXUS Property Group, bringing the total value of the group’s industrial and logistics assets owned and under management to $180 million.
“These acquisitions are evidence of our strategic intention to grow our industrial property portfolio nationally,” said Propertylink Managing Director Stephen Day.
The properties are in Wacol and Archerfield in Queensland and complement current holdings to establish a national industrial property footprint for Propertylink.
“Prior to this transaction we had a solid industrial portfolio, including the Sunshine West industrial building acquired from Charter Hall in late 2013. The Wacol and Archerfield purchases advance our national aspirations and creates a platform for growth,” said Mr Day.
“The assets we are most interested in present the opportunity for Propertylink, with our broad in-house skill base, to add value or to achieve higher yields and total return by taking some calculated lease risk where there is a fundamentally sound asset in a good location, with current or pending vacancy.“
Mr Day said the group had further capital earmarked for expansion of the group’s industrial portfolio and would also consider joint venture or development opportunities.
Peter McDonald, Propertylink’s Head of Property, said he expected to continue to see significant value in industrial assets in good locations that offer attractive yields and the opportunity to add value.
“While yields for prime new stock for investment have clearly firmed, there has not been a great deal of activity at the secondary level,” said Mr McDonald.
Propertylink has more than 13 years of experience in industrial logistics development, management and ownership. In October 2013, Propertylink acquired two long-lease refrigerated logistics assets located in Victoria and Queensland for a combined $63.4 million.