Lendlease has collected $156 million through an equity raising for the unlisted industrial fund it manages after a run of acquisitions in New South Wales and Victoria.
Managed on the Australian Prime Property Fund platform, the vehicle had originally targeted $150 million for the capital raising. It received commitments from existing and new investors including its first overseas investor.
A small portion of funds raised was used satisfy secondary unit transfers.
The fund has been through a busy buying period, increasing its portfolio with $120 million in acquisitions including assets in Smithfield, NSW and Altona and Truganina in Victoria.
Last month as well it acquired a 1.856-hectare industrial site in Perth for a new $20 million facility, bringing the $980 million fund’s total assets to 34.
“The successful completion of this equity raising is further endorsement of APPF Industrial’s high-quality portfolio and investment strategy,” said fund manager Jonathan Harrison.
“Major road and rail infrastructure projects will help drive industrial activity across Australia. In addition, the rapid growth of e-commerce is expected to further stimulate demand from retailers and logistics service providers for high-quality industrial assets.”
The APPF platform is also a seller. Last week, it put a half stake in Adelaide’s biggest mall, Westfield Marion, on the market in an effort to meet as much as $2 billion in redemption requests from its unlisted retail fund.