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Lendlease-run fund goes wide on industrial buys

September 12, 2018

The property at 28-54 Percival Road, Smithfield, was one of three acquired by the Lendlease fund. Photo: Supplied

The Lendlease-managed Australian Prime Property Fund Industrial has bulked up its portfolio with a run of acquisitions across New South Wales and Victoria in recent weeks, amounting to $125 million.

Most recently the Lendlease-run vehicle has struck contracts on three industrial properties: at Smithfield in NSW and at Altona and Truganina in Victoria, worth a combined total of $86.9 million.

Those follow on from the acquisition of 121-139 Dohertys Road in Altona North for $38.15 million in February.

The most recently bought assets are a combination of new development, modern buildings and more established logistics facilities.

The largest acquisition at 28-54 Percival Road at Smithfield in NSW was acquired for $44.8 million from GM Property Group in a deal brokered by Colliers International’s Gavin Bishop and Sean Thomson in conjunction with CBRE’s Chris O’Brien, Elijah Shakir and Rory Hilton.

It is within a core logistics suburb in Sydney’s central west industrial precinct.

The 5.52-hectare site comprises a 24,100 square metre office and warehouse estate, leased to eight tenants, and has immediate scope for further expansion.

The Altona property on Marshall Court, bought for $20.6 million from a private seller, comprises a total site area of 1.76 hectares and has two buildings with a combined area of 15,285 square metres. That deal was handled by the Dawkins Occhiuto agency.

Nearby in Truganina, the Lendlease fund has acquired three land lots in the Westside Industrial Estate for $21.5 million from Goodman Group in a direct deal. The lots are under development.

The development will include a freestanding building of 18,242 square metres and has a pre-committed tenant.

“These acquisitions are in line with our strategy to increase both the fund’s scale and the diversity of tenants by selectively acquiring well-located assets,” said APPF Industrial fund manager Jonathan Harrison.

“Our strategy includes assets with expansion and development potential to cater for future tenant growth.”

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